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05/07/2016

New Official Receiver’s fees – a message for members

By Andrew Tate, R3 president

Last Friday (1st July), the government announced a number of changes to the Official Receiver’s fees regime. These changes will take effect from the 21st of July this year. The stated aim of the changes is to match the Official Receiver’s costs to the activities it carries out.

Details of the changes are here.

In short, a new suite of fees is being introduced which will replace the current Secretary of State fee and existing fees for all cases will increase where the bankruptcy order or compulsory winding up order is made after the 21st  of July 2016.

R3 was not provided with the opportunity to discuss these changes with the Insolvency Service prior to them being announced. As your trade body we take any views and concerns expressed by our members very seriously. We are reviewing member feedback and comments in response to the changes announced and are assessing the impact that these changes will have on insolvency practitioners, debtors and creditors.

Notes to editors:

  • R3 is the trade body for Insolvency Professionals and represents the UK’s Insolvency Practitioners.

  • R3 comments on a wide variety of personal and corporate insolvency issues. Contact the press office, or see www.r3.org.uk for further information.

  • R3 promotes best practice for professionals working with financially troubled individuals and businesses; all R3 members are regulated by recognised professional bodies
     
  • R3 stands for 'Rescue, Recovery, and Renewal' and is also known as the Association of Business Recovery Professionals.