http://www.legislation.gov.uk/nisr/1996/574/contents/made

The Insolvency Regulations (Northern Ireland) 1996

Insolvency

Business practice and regulation

Government Printer for Northern Ireland

2022-05-03

INSOLVENCY

These Regulations replace the Insolvency Regulations (Northern Ireland) 1991 (“the 19991 Regulations”) and provide for a less onerous regime in respect of administrative matters that were covered by the 19991 Regulations. In particular the Regulations provide for:the abolition of the automatic requirement for liquidators in compulsory liquidations and trustees in bankruptcy to provide annual accounts of their receipts and payments (but the Department of Economic Development (“the Department”) has power to require accounts to be sent to it (regulations 14(1) and 29(1));the submission of accounts where a liquidator or a trustee of a bankrupt’s estate vacates office prior to the holding of the final creditors' meeting and the submission of accounts after the holding of the final creditors' meeting (regulations 14 and 29);an increase in the hourly rate for remuneration of the official receiver whilst acting as interim receiver, provisional liquidator or as liquidator or trustee where that remuneration is not calculated as a percentage of the assets realised or distributed (regulation 36 and Schedule 1, Table 2). The increases in hourly rates are broadly in line with inflation;the abolition, in certain cases, of remuneration for the provision of services by certain grades of staff (regulation 36 and Schedule 1, Table 2); andan upper limit on remuneration calculated by reference to realisations for functions carried out by the official receiver in cases where the bankruptcy debts and expenses are paid in full (or, in the case of the bankruptcy debts, are secured to the satisfaction of the court) (regulation 35).