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Wednesday, 26 October 2022
Monday, 3 October 2022
INSOLVENCY TO GET MORE EXPENSIVE
If your creditor is threatening to bankrupt you personally or wind up your company, try and ward off proceedings until 01 November 2022 at least. That's because these insolvency cases started on or after that date will cost them substantially more and the prospect of laying out this extra money without any guarantee that proceedings will yield a penny, may not appeal to them.
How much more? The deposit the creditor must pay on account of Insolvency Service fees - and this is in addition to the court fee - jumps from £990 to £1,500 for bankruptcy and from £1,600 to £2,600 for winding up. The Insolvency Proceedings (Fees) (Amendment) Order 2022 (SI 2022/929) is to blame.
And if you are the creditor and intent on bringing proceedings, PULL YOUR FINGER OUT and escape the increase.
Applications by debtors for their own bankruptcy are unaffected.
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