Part 10Insolvency
Money
I1270 Fees
1
The following shall be inserted after section 415 of the Insolvency Act 1986 (c. 45) (fees orders: individual insolvency)—
415A Fees orders (general)
1
The Secretary of State—
a
may by order require a body to pay a fee in connection with the grant or maintenance of recognition of the body under section 391, and
b
may refuse recognition, or revoke an order of recognition under section 391(1) by a further order, where a fee is not paid.
2
The Secretary of State—
a
may by order require a person to pay a fee in connection with the grant or maintenance of authorisation of the person under section 393, and
b
may disregard an application or withdraw an authorisation where a fee is not paid.
3
The Secretary of State may by order require the payment of fees in respect of—
a
the operation of the Insolvency Services Account;
b
payments into and out of that Account.
4
The following provisions of section 414 apply to fees under this section as they apply to fees under that section—
a
subsection (3) (manner of payment),
b
subsection (5) (additional provision),
c
subsection (6) (statutory instrument),
d
subsection (7) (payment into Consolidated Fund), and
e
subsection (9) (saving for rules of court).
2
An order made by virtue of subsection (1) may relate to the maintenance of recognition or authorisation granted before this section comes into force.
F13
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4
In section 440(2)(c) of that Act (provisions not extending to Scotland) after “415,” there shall be inserted “
415A(3),
”
.
271 Insolvency Services Account: interest
1
The following shall be inserted after paragraph 16 of Schedule 8 to the Insolvency Act 1986 (company insolvency rules: money)—
16A
Provision enabling the Secretary of State to set the rate of interest paid on sums which have been paid into the Insolvency Services Account.
2
The following shall be inserted after paragraph 21 of Schedule 9 to the Insolvency Act 1986 (individual insolvency rules: money)—
21A
Provision enabling the Secretary of State to set the rate of interest paid on sums which have been paid into the Insolvency Services Account.
272 Insolvency Services Accounts
1
Section 405 of the Insolvency Act 1986 (operation of Investment Account) shall cease to have effect.
2
The following shall be substituted for section 408 of that Act (recourse to Consolidated Fund)—
408 Adjustment of balances
1
The Treasury may direct the payment out of the Consolidated Fund of sums into—
a
the Insolvency Services Account;
b
the Investment Account.
2
The Treasury shall certify to the House of Commons the reason for any payment under subsection (1).
3
The Secretary of State may pay sums out of the Insolvency Services Account into the Consolidated Fund.
4
The National Debt Commissioners may pay sums out of the Investment Account into the Consolidated Fund.