More transparency for fees charged in insolvency – Press releases – GOV.UK

[Legal Beagles]

New rules laid in Parliament today require insolvency practitioners to provide a summary of estimated costs, the work to be undertaken and, where an hourly rate is proposed, an estimate of the expected time. These estimates will act as a cap on fees as, once agreed, they can only be changed by agreement between the […]
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[Nibbler]

Re: More transparency for fees charged in insolvency – Press releases – GOV.UK




http://www.parliament.uk/documents/c...S-Measures.pdf

[Amethyst]

Re: More transparency for fees charged in insolvency – Press releases – GOV.UK

That is seriously good news... though I haven't looked into it in depth it sounds like it is certainly on the right lines.

[Nibbler]

Re: More transparency for fees charged in insolvency – Press releases – GOV.UK

No, I haven't looked at it in depth either.

Hopefully any move away from the current system where they are virtually never called to account, and can seemly milk away any funds that should be going to creditors (or victims), is good.

Though I suspect, as is usually the case with these things, this will not go far enough.

[Crazy council]

Re: More transparency for fees charged in insolvency – Press releases – GOV.UK

thats a good idera, i had to fight tooth and nail for that info and the charges back in 2009-2011

The rules did change then, but you only got full breakdowns if the trustees costs were over 50K, at 10k, you got some breakdown. But at 50k, they had to prove the value of the work. Ie ( i can not talk about my own case )

You sent letter asking for something from trustee, his secutary picks it up ( £ 150 per hour rate ), passes it to his PA ( £ 300 per hour ) who then prepares a letter for the trustee to respond to you, gives it to the trustee to sign ( £ 500 per hour ) . So you got charged 3 times, a total of £ 950, to answer one letter.

Hopefully any move away from the current system where they are virtually never called to account, and can seemly milk away any funds that should be going to creditors (or victims), is good.

they do have rules and regs, depending on what body they belong to, but the rules are the same.

Anyone fighting a trustee over costs charges or actions, and they have asset in there estate after the initial debts, should read SIP ( statement of insolvency practace ) rules for there trustee, and also the code of etheics they sign up to.

an example https://www.r3.org.uk/what-we-do/pub...actice/e-and-w

SIP 9 ( and 8 ) being the most relevent to cost, and the code of ethics is relevent to if they are dealing with friendly solicitors