Joint Committee on Statutory Instruments Eighteenth Report



APPENDIX I

Memorandum by the Accountant in Bankruptcy

BANKRUPTCY FEES (SCOTLAND) AMENDMENT REGULATIONS 1999 (S.I. 1999/752)

  1. The Joint Committee on Statutory Instruments, in their letter of 28 April 1999, requested a memorandum to be submitted on the following point:-

     "No indication is given in or with this instrument of the scale of the increases in bankruptcy fees specified in the substituted Schedule to the 1993 Regulations (as required by paragraph 2.77 of the Statutory Instrument Practice). Indicate, for each of the functions covered by the Schedule, what these increases are."

  2. It is regretted that information as to the scale of increases in bankruptcy fees was not provided with the regulations and apologies are extended to the Joint Committee for this omission. The information requested is contained in the attached table.

29 April 1999


TABLE OF FEES

PART I

Column 1 [Functions] Column 2
[Rates]
Fees Formerly
Payable
Increase
1. In respect of the exercise by or on behalf of the Accountant in Bankruptcy of his functions ais interim trustee in a sequestration where he is not appointed as permanet trustee in the sequestration—

(a) in respect of each of the first five hours of work;

(b) in respect of each subsequent hour of work








£31 per hour

£55 per hour








£28 per hour

£50 per hour








£3

£5

2. In respect of the exercise by or on behalf of the Accountant in Bankruptcy or his functions as interim and permanent trustee, or as permanent trustee, in a sequestration, other than in respect of the realisation of assets in the sequestrated estate—

(a) in respect of each of the first 21 hours of work;

(b) in respect of each subsequent hour of work









£31 per hour

£55 per hour









£28 per hour

£50 per hour









£3

£5

3. In respect of the exercise by or on behalf of the Accountant in Bankruptcy of his functions as permanent trustee in a sequestration in relation to the realisation of assets in the sequestrated estate—

(a) in respect of the total price paid in a transaction by the purchaser of heritable property, including any interest paid thereon, but after the deduction of any sums paid to secured creditors in respect of their securities over that property—

(i) on the first £10,000 or fraction thereof

(ii) on the next £10,000 or fraction thereof

(iii) on all further sums;

(b) in respect of the proceeds of the sale of moveable property, after the deduction of the expenses of sale and any sums paid to secured creditors in respect of their securities over that property.














5% of that amount

1% of that amount

0.5% of that amount

5% of that amount














1.5% of the first £40,000, 1.0% on the next £40,000 and 0.5% on all further sums.


5% of that amount.














Different basis of calculation— results depend on circumstances.



4. In respect of the exercise on behalf of the Accountant in Bankruptcy of his functions as permanent trustee in relation to the payment of dividends to creditors. Whichever is the greater of—

(a) the sum payable for the total work carried out at a rate of £30 per hour; or

(b) £60 plus £30 in respect of each creditor who is paid a dividend.




no specific Fee (charged under item 2 of this table).

No specific Fee (charged under item 2 of this table)




Different basis of calculation— results depend on circumstances.


Part II

Column 1 [Functions]   Column 2
[Rates]
  Fees Formerly
Payable
  Increase
1. For registering award of sequestration £16.00 £14.00 £2
2. For registering copy act and warrant £16.00 £14.00 £2
3. For supervising proceedings in sequestration—

(a) where commissioners have been elected;
(b) where no commissioners have been elected;
(c) where the Accountant in bankruptcy is the permanent trustee




£110.00

£165.00

£110.00




£100.00

£150.00

£100.00




£10

£15

£10

4. For supervising payment of dividend to creditors where no commissioners have been elected. £55.00 £50.00 £5
5. For any special report to the court £55.00 £50.00 £5
6. For considering and issuing a determination in an appeal against a determination of commissioners as to the outlays and remuneration payable to permanent trustee. 5% of the sum remaining on deduction from the sum of outlays and remuneration determined by the Accountant in Bankruptcy of any outlays incurred by way of statutory fees, trading expenses or expenses of realisation. 5% of the sum of the outlays and remuneration payable to the permanent trustee, as determined by the Accountant in Bankruptcy, or £10, whichever is the greater. Different basis of calculation which will result in a decrease in the fee chargeable.
7. For issuing a determination fixing the outlays and remuneration payable to—

(a) an interim trustee; or

(b) a permanent trustee

17.5% of the sum remaining on decution from the sum of outlays and remuneration determined of any outlays incurred by way of statutory fees, trading expenses or expenses of realisation. 17.5% of the sum determined or £10, whichever is the greater. Different basis of calculation which will result in a decrease in he fee chargeable.
8. For examination of the sederunt book and related work, in connection with the discharge of a permanent trustee. £28.00 £26.00 £2
9. For granting a certificate of discharge to an interim trustee. £28.00 £20.00 £8
10. For granting a certificate of discharge to a debtor £8.00 £8.00
11. For providing a certified copy of an entry in the register of insolvencies. £19.00 £20.00 (decrease)
12. For the certifying of any other document (excluding copying charges). £13.00 £9.00 £4
13. For providing a copy of any document—

(a) by photocopying—

(i)  10 pages or less

(ii)   each page after first 10

(b) in an electronic medium or by printout from records held on computer—per document




£8.00

£0.25

£0.10




£10.00

£0.25




(decrease)


New fee, no previous equivalent

14. For searches in the register of insolvencies—

(a) where the search is carried out by staff of the Accountant in Bankruptcy—for each half hour or part thereof.
(b) where searches are carried out by remoted direct access by computer—for each half hour or part thereof.




£16.00



£16.00




£8.00






£8.00



15. For attendance at any meeting of creditors—fee per hour or part thereof, including travelling time. £55.00 £28.00 £27
16. For calling any meeting of creditors. £28.00 £30.00 (decrease)
17. For attendance at any examination of the debtor—fee per hour or part thereof, including travelling time. £55.00 £28.00 £27
18. For registering protected trust deed £28.00 £26.00 £2
19. For auditing the accounts of a trustee under a protected trust deed and fixing his remuneration 5% of the sum remaining on deduction from the sum of outlays and remuneration determined of any outlays incurred by way of statutory fees, trading expenses or expenses of realisation 17.5% of the sum determined, or £10, whichever is the greater. Different basis of calculation which will result in a decrease in the fee chargeable.
20. For lodging any sum in an appropriate bank or institution on consignation. £10.00 £10.00
21. For uplifting any sum lodged in an appropriate bank or institution on consignation. £10.00 £10.00


 
previous page contents next page

House of Lords home page Parliament home page House of Commons home page search page enquiries

© Parliamentary copyright 1999
Prepared 27 May 1999