Insolvency: Companies

(asked on 19th May 2021) - View Source

Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what recent assessment he has made of the fairness of the level of charges by insolvency firms on (a) business and (b) the public purse.

Answered by
Paul Scully Portrait
Paul Scully
Minister of State (Department for Levelling Up, Housing and Communities)
This question was answered on 28th May 2021

Insolvency legislation provides that the remuneration and expenses of insolvency officeholders are subject to the approval of creditors, and to the overall control of the court. Creditors have the power to challenge remuneration by application to court.

Statutory objectives introduced in 2015 require insolvency regulators to ensure that Insolvency Practitioners provide high quality services, at a cost to the recipient which is fair and reasonable. A response to the Government’s call for evidence on insolvency regulation, which sought views on the impact and effectiveness of the objectives, will be published later in the year.

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