The following Restructuring & Insolvency practice note provides comprehensive and up to date legal information covering:
The Insolvency Act 1986 (IA 1986) and the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024 provide for remuneration of office-holders in both corporate and personal insolvencies. Within the IR 2016, remuneration for all office-holders is now conveniently dealt with in IR 2016, Pt 18. Any court considering the question of office-holder remuneration will also apply Part Six of the Practice Direction on Insolvency Proceedings 2018 (PDIP) and so this should also be taken into account by office-holders. For a demonstration of the 2014 version of the PDIP being applied, see Re Brilliant Independent Media Specialists.
On 1 October 2015, the final provisions of the Insolvency (Amendment) Rules 2015 (I(A)R 2015), SI 2015/443 came into effect, bringing with them provisions introducing a new requirement for office-holders typically appointed on or after that date to provide an estimate of fees to creditors for approval before carrying out the job. This was incorporated into the IR 2016, which replaced I(A)R 2015, SI 2015/443. That fee estimate must not be exceeded without prior approval of the creditors or the court (whoever fixed the basis and gave the original approval).
Office-holders should also take into consideration Statement of Insolvency Practice (SIP) 9, which provides guidelines on the basis of remuneration and suggests what information should be provided to creditors. These set out, in detail, what information must be
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