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.