# The Insolvency (Amendment) Regulations 2024, Note: Explanatory note


(This note is not part of the Regulations)
These Regulations amend the Insolvency Regulations 1994 to increase the hourly rates of remuneration that the official receiver and their officers are entitled to for providing certain services while the official receiver acts as interim receiver, provisional liquidator, liquidator or trustee.
The hourly rates of remuneration payable by virtue of regulation 35 of the Insolvency Regulations 1994 are set out in Tables 2 and 3 in Schedule 2 to the Insolvency Regulations 1994. Regulation 3 substitutes Tables 2 and 3 to increase the hourly rates, removes rates for obsolete grades and refers to singular grades where appropriate to reflect updates to the Insolvency Service grading structure. Where the roles and duties carried out in a grade are comparable to those carried out under the new grade, the hourly rates for officials involved in this work have increased by about 20%. Where there is no direct comparison between the old grade and the new grade under the updated Insolvency Service grading structure, it is not possible to calculate the fee increase.
A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary sector or community bodies is foreseen.

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Source: https://www.legislation.gov.uk/uksi/2024/722/note (the official version)
Page: https://openlegislation.uk/insolvency-amendment-regulations-2024/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.