Charge out rates and Disbursement policy

In accordance with Statement of Insolvency Practice 9 (“SIP 9”) covering fees and disbursements, we are required to disclose to you our policy for recovering non-specific disbursements, and the charge out rates for the various grades of staff who may be involved in this case.

Remuneration

The office holder(s) will seek approval from creditors to draw remuneration on a time cost basis, in accordance with the rates detailed below.

	Hourly charge out rate (£)
Grade	01/02/2014 to 31/10/2014	01/11/2014 onwards
Director/Insolvency Practitioner	350-500	500
Manager	260-400	400
Assistant Manager	N/A	395
Team Leader	N/A	390
Senior Administrator	240	330
Administrator (1-5 years experience)	120-240	230-300
Secretarial & Support	100-130	130

All time is recorded in 6 minute units.

Category 1 Disbursements

In accordance with SIP 9, these do not require the approval of creditors and are costs where there is specific expenditure directly referable both to the appointment in question and a payment to an independent third party.These may include advertising, room hire, insurance, travel expenses etc.

Category 2 Disbursements

In accordance with SIP 9, these require the prior approval of creditors.

Category 2 disbursements are charged in accordance with the liquidator’s prevailing recovery policy at the time the disbursement is incurred. The rates applicable from 1 November 2014 are detailed below:

Disbursement	Charge
Search fees	£10 per document	On appointment
Document Upload Centre charge	£150	On appointment
Room Hire where meeting held at Wilson Field office	£100	On appointment (where appropriate)
Mileage	45p per mile	On appointment (where appropriate)
Postage, stationery, photocopying etc	£10 per member and creditor per year	On appointment and annually
Insolvency software fee	£150 per year	On appointment and annually
Storage of books and records	£80 per box per year	Once records are logged and then annually

In common with all professional firms, our charge out and disbursements rates increase from time to time. We reserve the right to change the rates without prior notice to you. Any change will be reported in the next statutory report to creditors.

How we can help

We offer specialist advice and services across a wide range of insolvency procedures. Whether you operate as a sole trader, run a large company, or are a consumer in need of financial assistance, we are here to help. Our team of licensed insolvency practitioners have dealt first hand with individuals in a wide variety of situations, from a wide variety of backgrounds, and with a large range of expectations and needs, over their many years of experience. No matter your situation, we offer a free initial consultation to establish the best way forward, and will guide you through every step of the process effectively and efficiently.

Our Values

We provide a facility to individuals and businesses who have found themselves in financial difficulties, with a service that promotes a positive outcome for all.
To provide a workplace for our colleagues where they are valued and encouraged and work in a friendly, fair and rewarding enviroment.