Government insolvency fees proposals will hurt creditors and small firms — R3
Government plans to change the way insolvency practitioner fees are calculated in some cases will hurt creditors and force smaller insolvency firms out of the market, says R3, the insolvency trade body.
R3 is also concerned that government plans to provide the Insolvency Service with extra regulatory powers is a risk given the current resourcing and structure of the agency.
The government is proposing to prohibit insolvency practitioners charging their fees on a per-hour basis when there are no engaged secured creditors or creditor committees involved with a case. Instead, insolvency practitioners will only be able to charge a fixed fee or take a percentage of the assets they realise…
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