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…
Click on the link below to read the rest of the Gateley briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from The Lawyer
Briefings from Gateley
Two recent cases, both favourable to office-holders, have further developed guidance on compelling parties to produce information and documentation to insolvency office-holders
Statutory holidays to undertake voluntary work… so how does that not conflict with that other pledge – to ease the burden on business?
Analysis from The Lawyer
The Law Society recently published guidance to assist solicitors draw up Shariah-compliant wills, causing outrage in some quarters. Gateley’s Haroon Rashid explains the facts.