ORs needs more money; Small claims crack pilot grows; Judges rule at tribunals, OK!; FDRs: no escape; 3 October 2024
IT’S ALL THE ADMIN, YOU SEE
Less money for creditors after the official receiver (OR) has taken their cut. The Insolvency Proceedings (Fees) (Amendment) Order 2014 (SI 2014/963) which comes into force on 9 January 2025 increases their remuneration. For administration, their fee on bankruptcy following a debtor’s application is up from £1,990 to £2,390; following a creditor’s petition from £2,775 to £3,300; on a winding up under s124A of the Insolvency Act 1986 (on public interest grounds thanks to a secretary of state’s petition so they will be paying themselves) from £7,500 to a massive £13,500; and on any other winding up from £5,000 to £6,000. The general fee for costs not recovered out of the administration fee rises from £6,000 to £7,200. The deposit payable on a s 124A petition and which is security for the administration fee is up from £5,000 to £13,500.
Other OR hourly rates are increased on the same date for certain services including acting
