Explanatory note

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.