The Insolvency Practitioners and Insolvency Services Account (Fees) (Amendment) Order 2019

Statutory Instruments

2019 No. 1427

Insolvency

The Insolvency Practitioners and Insolvency Services Account (Fees) (Amendment) Order 2019

Made

29th October 2019

Laid before Parliament

31st October 2019

Coming into force

31st December 2019

The Secretary of State, in exercise of the powers conferred by section 415A(1)(a)(1) of the Insolvency Act 1986(2), makes the following Order:

Citation and Commencement

1.  This Order may be cited as the Insolvency Practitioners and Insolvency Services Account (Fees) (Amendment) Order 2019 and comes into force on 31st December 2019.

Amendment to the Insolvency Practitioners and Insolvency Services Account (Fees) Order 2003

2.  In article 2(2) of the Insolvency Practitioners and Insolvency Services Account (Fees) Order 2003(3)—

(a) omit “or before 6th April 2009 and on”,

(b) omit “subsequent”, and

(c) for “£360” substitute “£470”.

Kelly Tolhurst

Parliamentary Under Secretary of State Minister for Small Business, Consumers and Corporate Responsibility

Department for Business, Energy & Industrial Strategy

29th October 2019

EXPLANATORY NOTE

(This note is not part of the Order)

This Order amends the Insolvency Practitioners and Insolvency Services Account (Fees) Order 2003 (the “principal Order”). The principal Order provides for an annual fee to be payable by each recognised professional body based on the number of members authorised by that body to act as insolvency practitioners as at 1st January in each year.

Article 2 increases the sum used to calculate the amount payable per member from £360 to £470 and applies to calendar years from 1st January 2020.

(1)

Section 415A was inserted by the Enterprise Act 2002 (c. 40). Relevant amendments have been made by the Deregulation Act 2015 (c .20) and the Small Business, Enterprise and Employment Act 2015 (c. 26).

(2)

1986 c. 45.

(3)

S.I. 2003/3363. Relevant amendments have been made by S.I. 2015/1977 and S.I. 2009/487.