http://www.legislation.gov.uk/uksi/1994/2507/contents/made

The Insolvency Regulations 1994

Business practice and regulation

Insolvency

King's Printer of Acts of Parliament

2016-02-08

INSOLVENCY;COMPANIES, INDIVIDUALS, ENGLAND AND WALES

These Regulations replace the Insolvency Regulations 1986 (as amended) and provide for a less onerous regime in respect of administrative matters that were covered by the 1986 Regulations. In particular the Regulations provide for:the crediting of interest on balances in excess of £2,000 standing to the credit of companies in the Insolvency Services Account without the need for the liquidator to give notice (regulation 9(6));the abolition of the automatic requirement for liquidators in compulsory liquidations and trustees to provide annual accounts of their receipts and payments (but the Secretary of State has power to require accounts to be sent to him (regulations 14(1) and 28(1));the submission of accounts where a liquidator or a trustee vacates office prior to the holding of the final creditors' meeting and the submission of accounts after the holding of the final creditors' meeting (regulations 14 and 28);an increase in the hourly rate for remuneration of the official receiver whilst acting as interim receiver, provisional liquidator or as liquidator or trustee where that remuneration is not calculated as a percentage of the assets realised or distributed (regulation 35 and Schedule 2, Tables 2 and 3). The increases in hourly rates are broadly in line with inflation;the abolition, in certain cases, of remuneration for the provision of services by certain grades of staff (regulation 35 and Schedule 2, Tables 2 and 3); andan upper limit on remuneration calculated by reference to realisations for functions carried out by the official receiver in cases where the bankruptcy debts and expenses are paid in full (or, in the case of the bankruptcy debts, are secured to the satisfaction of the court) (regulation 34).