{"id":4001,"date":"2015-10-01T16:13:59","date_gmt":"2015-10-01T15:13:59","guid":{"rendered":"http:\/\/www.tayloremmet.co.uk\/blsblog\/?p=1007"},"modified":"2015-10-01T16:13:59","modified_gmt":"2015-10-01T15:13:59","slug":"government-updates-to-insolvency","status":"publish","type":"post","link":"https:\/\/www.tayloremmet.co.uk\/blogs\/government-updates-to-insolvency\/","title":{"rendered":"Government updates to insolvency"},"content":{"rendered":"

\"blue_robm_panel\"<\/a>Like me, you must be wondering why the government has decided to introduce so many changes in the insolvency world all at the same time. In order to try and make sense of things, this is the first of a series of articles on the changes which have come into effect from 1 October 2015.<\/p>\n

1. \u00a0The bankruptcy level has increased to \u00a35,000 from \u00a3750. This means that an individual cannot be made bankrupt unless they owe an undisputed sum of at least \u00a35,000.<\/p>\n

2. There are new thresholds for debt relief orders \u2013 individuals will be eligible for a debt relief order if:-<\/p>\n

i. They owe up to \u00a320,000 rather than \u00a315,000 as at present<\/p>\n

ii. They have assets worth up to \u00a31,000, rather than up to \u00a3300 as at present; and<\/p>\n

iii. They have a maximum monthly surplus income of \u00a350 (no change here).<\/p>\n

3. Insolvency practitioners record keeping requirements have been simplified \u2013 instead of keeping prescribed information on file, IPs now have a more general requirement to maintain records which are sufficient to show and explain:-<\/p>\n

i. The work they and their staff undertake in the course of the \u201cadministration of an insolvency appointment\u201d; and<\/p>\n

ii. The decisions that \u201cmaterially affect\u201d the appointment.<\/p>\n

The new rule on record keeping also removes the obligation on IPs to notify their recognised professional body of the whereabouts of their records in each case.<\/p>\n

4. Protection of essential supplies \u2013 The Insolvency (Protection of Essential Supplies) Order 2015 prevents suppliers of essential services such as utilities from attempting to negotiate an unfair advantage when a business enters administration or a voluntary arrangement.<\/p>\n

5. Approved fee estimates required \u2013 This is one of the most significant changes and introduces a new requirement for IPs who propose to charge all or part of their fees for acting as an administrator, liquidator or trustee in bankruptcy on a time cost basis. The following information must now be provided by IPs to each creditor whose claim and address they are aware, before asking creditors (or the Court) to fix the basis of their remuneration on a time cost basis:-<\/p>\n

i. A written fee estimate.<\/p>\n

ii. Details of the expenses the IP considers will, or are likely to be incurred.<\/p>\n

The fee estimate must include the following:-<\/p>\n

i. Details of the work the IP and his staff propose to undertake.<\/p>\n

ii. The hourly rate or rates the IP and his staff propose to charge for each part of that work.<\/p>\n

iii. The time the IP anticipates that each part of that work will take.<\/p>\n

iv. Whether the IP anticipates the fees estimate will be exceeded so that further approval of the excess will be necessary (and why).<\/p>\n

If it is proposed by the IP that he is paid by a fixed fee or as a proportion of asset realisations, instead of a fees estimate, he must still provide each creditor with details of expected expenses. Creditors are not expected to approve these details but the IP still needs to refer to them in subsequent progress reports.<\/p>\n

IPs must also now bear in mind that in their progress reports to creditors they must include a statement setting out whether, at the date of the report, the fees or expenses have exceeded or are likely to exceed the fees estimate or expenses estimate given before the basis of the IP\u2019s remuneration was set and, if so, why. If an IP predicts that his fees will exceed the estimate he must obtain approval in the same way the fees estimate was originally approved.<\/p>\n

Next week I will comment on further changes which came into effect from 1 October. In the meantime, please do not hesitate to contact me if you have any queries concerning anything contained in this blog.\u00a0I can be contacted on 0114 218 4051 or rob.moore@tayloremmet.co.uk<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Like me, you must be wondering why the government has decided to introduce so many changes in the insolvency world all at the same time. 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