The Insolvency Service will be introducing a new fee structure on Thursday 21st July 2016. Back in 2014, The Insolvency Service agreed with the HM Treasury that they would review the full fee structure and devise a more transparent charging system in accordance with the ‘Managing Public Money’ guidelines.
Deposits on debtors, creditors and company winding up petitions are increasing; this increase is the first since 2011. The Official Receiver’s case administration fees are also increasing and the Secretary of State fee is being replaced with a new fee called the Official Receivers General Fee.
The following changes are being made to the fee structure:
This new fee structure has been devised to achieve the closest to full cost recovery as possible. The structure will work on matching the revenue to the work carried out allowing those who use The Insolvency Service to know what options are available to them and make an informed decision.For more information about the changes to The Insolvency Service fees, visit the Gov.uk website here.