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The Insolvency Practitioners and Insolvency Account (Fees) (Amendment) Order (Northern Ireland) 2011

S.R. 2011/389 · Made 4 November 2011

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Insolvency

Made 4th November 2011

Coming into operation 31st January 2012

The Department of Enterprise, Trade and Investment f1, with the concurrence of the Department of Finance and Personnel, makes the following Order in exercise of the powers conferred by Articles 361(3) and 361A(1), (3) and (5) of the Insolvency (Northern Ireland) Order 1989f2.

Annotations to the whole text

Footnotes

f1

Formerly the Department of Economic Development; see S.I. 1999/283 (N.I. 1), Article 3(5)

f2

S.I. 1989/2405 (N.I. 19); Article 361A was inserted by Article 26 of the Insolvency (Northern Ireland) Order 2005 (S.I.2005/1455 (N.I. 10)). There are amendments to Articles 361 and 361A which are not relevant to this Order

Contents

  1. 1Citation and commencement
  2. 2Amendment of the Insolvency Practitioners and Insolvency Account (Fees) Order (Northern Ireland) 2006
  3. 3Fees payable in connection with the recognition of professional bodies pursuant to Article 350 of the 1989 Order
  4. 4Fees payable in connection with the operation of the Insolvency Account
  5. 5Transitional provisions
  6. Signature
  7. Explanatory note

1Citation and commencement

This order may be cited as the Insolvency Practitioners and Insolvency Account (Fees) (Amendment) Order (Northern Ireland) 2011 and comes into operation on 31st January 2012.

2Amendment of the Insolvency Practitioners and Insolvency Account (Fees) Order (Northern Ireland) 2006

Subject to article 5, the Insolvency Practitioners and Insolvency Account (Fees) Order (Northern Ireland) 2006 f1 is amended in accordance with articles 3 and 4.

3Fees payable in connection with the recognition of professional bodies pursuant to Article 350 of the 1989 Order

In article 2 for paragraph (2) substitute—

“(2)

On or before 1st April 2012 and on or before 1st April in each subsequent year, there shall be paid to the Department by each body recognised pursuant to Article 350 of the 1989 Order in respect of the maintenance of that body’s recognition pursuant to that Article, a fee calculated by multiplying £60 by the number of persons who as at 1st January in that year were authorised to act as insolvency practitioners by virtue of membership of that body.”.

4Fees payable in connection with the operation of the Insolvency Account

In the Schedule, in paragraph 2, in the Table of Fees—

(a)

in relation to Fee No. 1 (banking fee; winding up by the High Court and bankruptcy), for “£15.00” substitute “£18.00”;

(b)

after the entry in respect of Fee No. 1B insert the following entry—

“

1C

Payment of unclaimed dividends or other money – voluntary winding up

Where any money is paid into the Insolvency Account pursuant to regulation 3B, that payment shall be accompanied by a fee in respect of each company to which it relates of—

£25.00

”;

(c)

in relation to Fee No. 2 (cheque etc. issue fee), for “£0.80” substitute “£1.00”.

5Transitional provisions

The amendments made by article 4 only apply in respect of payments into or out of the Insolvency Account on or after 31st January 2012.

Signature

Sealed with the Official Seal of the Department of Enterprise, Trade and Investment on 4th November 2011.

L.S.

Michael J Bohill

A senior officer of the

Department of Enterprise, Trade and Investment

The Department of Finance and Personnel concurs

Sealed with the Official Seal of the Department of Finance and Personnel on 4th November 2011.

L.S.

Michael Daly

A senior officer of the

Department of Finance and Personnel

Explanatory note

(This note is not part of the Order)

This Order amends the Insolvency Practitioners and Insolvency Account (Fees) Order (Northern Ireland) 2006 (S.R. 2006 No.53) by increasing fees to be paid in connection with the recognition by the Department of insolvency practitioners’ professional bodies. Article 3 increases the fee to be paid in relation to each individual member of each body from £50 to £60.

Article 4(a) increases the “banking fee” from £15 to £18. This is a fee payable out of insolvent estates for banking funds into the Insolvency Account in respect of bankruptcies and winding-ups by the court.

Article 4(b) inserts a new fee (1C) where unclaimed or undistributed dividends or other monies are paid into the Insolvency Account following a voluntary winding up of a company. The fee is £25 for each payment into the account of any unclaimed funds in respect of each company to which those funds relate.

Article 4(c) increases from £0.80 to £1.00 the fee payable for the issue or reissue of any cheque, money or payable order in respect of monies in the Insolvency Account.

Article 5 makes transitional provisions for the application of this Order.

A Regulatory Impact Assessment (RIA) has not been prepared for this Order. An RIA was prepared for the Insolvency (Northern Ireland) Order 2005 which deals with the restructuring of the system for insolvency fees. Copies of this are available from the Legislation Unit, The Insolvency Service, Fermanagh House, 20A Ormeau Avenue, Belfast BT2 8NJ.