2012 No. 2264

Insolvency

The Insolvency Practitioners and Insolvency Services Account (Fees) (Amendment) Order 2012

Made

Laid before Parliament

Coming into force

The Secretary of State makes the following Order in exercise of the powers conferred by section 415A of the Insolvency Act 19861.

Citation and Commencement1

This Order may be cited as the Insolvency Practitioners and Insolvency Services Account (Fees) (Amendment) Order 2012 and comes into force on 1st October 2012.

Amendment to the Insolvency Practitioners and Insolvency Services Account (Fees) Order 20032

1

The Insolvency Practitioners and Insolvency Services Account (Fees) Order 20032 is amended as follows.

2

In the table of fees in paragraph 2 of the Schedule to that Order—

a

in relation to fee No. 1 (banking fee; winding up by the court and bankruptcy), for “£18” in the third column substitute “£22”;

b

in relation to fee No. 2 (banking fee; voluntary winding up), for “£23” in the third column substitute “£25”;

c

in relation to each of fee Nos. 2A to 2C (payment of unclaimed dividends or other money – administration, administrative receivership and voluntary winding up, respectively), for “£25” in the third column substitute “£25.75”;

d

in relation to fee No. 3 (cheque etc. issue fee), for “£1” in the third column payable in respect of item (ii) substitute “£1.10”; and

e

in relation to fee No. 4 (electronic funds systems (CHAPS and BACs etc.) fees), for “£10” in the third column payable in respect of item (i) substitute “£10.30”.

Norman LambParliamentary Under Secretary of State for Employment Relations, Consumer and Postal AffairsDepartment for Business, Innovation and Skills
EXPLANATORY NOTE

(This note is not part of the Order)

The Insolvency Services Account (“the ISA”) is an account at the Bank of England, into which money realised from the assets in insolvency proceedings is paid.

The Insolvency Practitioners and Insolvency Services Account (Fees) Order 2003 (“the Principal Order”) provides for the payment of fees in relation to the operation of the ISA.

This Order amends the Principal Order by increasing the amount of the fees payable in respect of: payments into and out of the ISA (article 2(2)(a) and (b)); the payment into the ISA of unclaimed dividends or other money (article 2(2)(c)); the issue or reissue of any cheque, money or payable order in respect of monies in the ISA (article 2(2)(d)); and the making or remaking of electronic transfers in respect of monies in the ISA by means of the Clearing House Automated Payments System (CHAPS) (article 2(2)(e)).

A full impact assessment of the effect that this Order will have on the costs of business and the voluntary sector is available from the Insolvency Service, 4 Abbey Orchard Street, London, SW1P 2HT and is published with the Explanatory Memorandum alongside this Order on www.legislation.gov.