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Creditors face fee rises when petitioning for individuals' bankruptcies and corporate insolvencies.

Dear <<First Name>>
The Insolvency Service has introduced fee rises for creditors during personal and corporate insolvencies – as well as a new general fee that applies across all cases.

ThorntonRones will help guide you through the options available to ensure the best outcome for your clients seeking debt solutions for individuals or corporations. Some examples of the fee increases are described below.

There has been an increase in the official receiver’s administration fee by £785 when a creditor petitions for an individual’s bankruptcy. The equivalent fee also rises by £2,480 when companies are wound up.

This fee has also increased by £2,500 when the government seeks to close down a company on public interest grounds. The new fee structure took effect on 21 July 2016.

But the most significant change to the current fee regime is a new general fee which replaces the old secretary of state (SoS) fees. The new general fee is a flat £6,000 across all types of cases.

This new fee replaces the percentage SoS fee that was charged on asset realisations in insolvent estates. It was charged throughout the life of a case up to a maximum of £80,000.

It is important to note that it is more costly
being subject to a compulsory, rather than voluntary, liquidation if it has been left too late to do the voluntary liquidation.

For full details of the fees, please visit the Insolvency Service website here.

Please call us on 020 8418 9333 or email if you would like any further information or professional advice.
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ThorntonRones – we put the solve into insolvency

ThorntonRones is a specialist insolvency practice experienced in advising on both corporate and personal scenarios.  The principal of ThorntonRones, Richard Rones, is a Licensed Insolvency Practitioner, a Fellow of R3 and a Fellow of the ICAEW. 

Richard has extensive experience in the SME market that includes trading as ThorntonRones Insolvency Practitioners since 1999. He and his staff fully understand the difficult pressures faced by anyone running their own business and relish the opportunity to be of assistance.

We look forward to taking care of you.
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