Monday, 1 March 2010

Cost of Bankruptcy to Escalate

As noted on Thursday last week, the Insolvency Service have issued new fee guidance. The new fees are due to come into force from April 6 2010. The costs of bankruptcy are due to escalate. Here are the details of the changes:

"a. Debtor’s deposit on a bankruptcy petition increases from £360 to £450.

b. Creditor’s deposit on a bankruptcy petition increases from £430 to £600.

c. Creditor’s deposit on a winding up petition increases from £715 to £1,000.

d. No change to bankruptcy case administration fee.

e. Increase from £2,160 to £2,235 of the company winding up case administration fee.

f. Restructuring of the Secretary of State (SoS) fee where the percentages charged on

asset realisations that are defined as chargeable receipts will be increased (see

“SoS table” below)."


Picture Credit: http://static.guim.co.uk/sys-images/Money/Pix/pictures/2008/11/11/loadsamoney460x276.jpg

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