Charge out rates and expenses policy

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

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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.

Grade 01/11/2017 to 30/06/2018 01/07/2018 to 05/03/2020 06/03/2020 to 31/03/2021 01/04/2021 onwards
Director/Insolvency Practitioner 500 500 500 500
Manager 400 400 395 410
Assistant Manager 395 N/A N/A N/A
Team Leader 390 390 N/A N/A
Senior Administrator 330 395 300 310
Administrator (dependent on experience) 230-300 230-300 240-270 180-280
Trainee Administrator 180 180 180 N/A
Assistant & Staff Support 130 130 130-235 140-250
All time is recorded on 6-minute units.

Expenses

Expenses are payments from the estate which are neither an office holder’s remuneration nor a distribution to a creditor of member. Expenses also includes disbursements. Disbursements are payments which are first met by the office holder, and then reimbursed to the office holder from the estate. Expenses are divided into those that do not need approval before they are charged to the estate (category 1) and those that do (category 2).

Category 1 expenses

These are payments to persons providing the service to which the expense relates who are not an associate of the office holder. These expenses can be paid without prior approval. Examples of these are advertising, insurance, legal fees etc.

Category 2 expenses

These are payments to associates or payment which have an element of shared costs. Examples of a category 2 expenses that officeholders may seek creditor approval for would be for mileage costs or for hire of external rooms for physical meetings where the room is used for more than one insolvency, any such approval will be outlined with documentation for the relevant decision procedure.

Category 2 expenses are charged in accordance with the liquidator’s prevailing recovery policy at the time the expense is incurred. However, any Category 2 expenses incurred prior to the 1 April 2021 but for which payment has not been drawn, will not be charged after this date. The rates applicable from 1 April 2021 are detailed below:

Expense Charge Period Charged
Mileage Asp per HMRC’s approved milage rates On appointment (where appropriate)

In common with all professional firms, our charge out 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.