The Insolvency Service has just announced that on 21 July 2016 there will be an increase in the official receiver’s fees and a new fee structure.

There will be an increase in the debtor’s petition fee and also an increase in the official receiver’s deposit for bankruptcy up from £825 to £990 and for winding up from £1350 to £1600.

To apply for a company administration the fee will increase from £2480 to £5000.

There will also be a new fee structure for the Trustee/Liquidator fee which will be 15% of assets realised. A new fee for setting up an Income Payments Agreement/Order, and also a new fee for the dismissal of a petition in the sum of £50.

The Insolvency Service has said that the new fee structure has been designed to achieve as close to full cost recovery as possible, and will work on the principle of matching revenue to work carried out. Watch this space…

If you wish to avoid the cost increases, then it may be prudent to review any cases you might have prior to the deadline. For further information please call Richard Anderson on 01782 205000 or email richard.anderson@beswicks.com