# The Insolvency Practitioners Regulations 2005, Paragraph 4


Subject to paragraphs 5, 6 and 7, the amount of the specific penalty in respect of a case in which the insolvency practitioner acts, shall equal at least the value of the insolvent's assets as estimated by the insolvency practitioner as at the date of his appointment but ignoring the value of any assets—
(a) charged to a third party to the extent of any amount which would be payable to that third party; or
(b) held on trust by the insolvent to the extent that any beneficial interest in those assets does not belong to the insolvent.

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Source: https://www.legislation.gov.uk/uksi/2005/524/schedule/2/paragraph/4 (the official version)
Page: https://openlegislation.uk/insolvency-practitioners-regulations-2005/schedule-2/paragraph-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.