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.