Rule 12.8 Insolvency practitioner's securityI1
England and Wales
Wherever under the Rules any person has to appoint, or certify the appointment of, an insolvency practitioner to any office, he is under a duty to satisfy himself that the person appointed or to be appointed has security for the proper performance of his functions.
It is the duty—
of the creditors' committee in companies administration, administrative receivership and bankruptcy,
of the liquidation committee in companies winding up, and
of any committee of creditors established for the purposes of a voluntary arrangement under Part I or VIII of the Act,
to review from time to time the adequacy of the responsible insolvency practitioner's security.
In any insolvency proceedings the cost of the responsible insolvency practitioner's security shall be defrayed as an expense of the proceedings.