Explanatory note

The Insolvency Services Account (“the ISA”) is an account at the Bank of England, into which money realised from the assets in insolvency proceedings is paid.

The Insolvency Practitioners and Insolvency Services Account (Fees) Order 2003 (“the Principal Order”) provides for the payment of fees in relation to the operation of the ISA.

This Order amends the Principal Order by increasing the amount of the fees payable in respect of: payments into and out of the ISA (article 2(2)(a) and (b)); the payment into the ISA of unclaimed dividends or other money (article 2(2)(c)); the issue or reissue of any cheque, money or payable order in respect of monies in the ISA (article 2(2)(d)); and the making or remaking of electronic transfers in respect of monies in the ISA by means of the Clearing House Automated Payments System (CHAPS) (article 2(2)(e)).

A full impact assessment of the effect that this Order will have on the costs of business and the voluntary sector is available from the Insolvency Service, 4 Abbey Orchard Street, London, SW1P 2HT and is published with the Explanatory Memorandum alongside this Order on www.legislation.gov.