The Insolvency (Amendment) Regulations 2005

law://uk/uksi/2005/512@2026-11-12

Contents

1Citation and Commencement#

These Regulations may be cited as the Insolvency (Amendment) Regulations 2005 and shall come into force on 1st April 2005 (“the commencement date”).

2Interpretation#

In these Regulations “the principal Regulations” means the Insolvency Regulations 1994 and, unless otherwise expressly provided, a reference in these Regulations to a numbered Part or regulation is to the Part or regulation so numbered in the principal Regulations.

3Transitional provisions#

The substitution of regulation 35 by regulation 7 of these Regulations only applies in relation to services provided by the official receiver (or any of his officers) in relation to—

(a)a company in respect of which a winding-up order is made on or after the commencement date;

(b)a bankruptcy where the bankruptcy order is made on or after the commencement date; or

(c)his appointment as an interim receiver or provisional liquidator where he is appointed on or after the commencement date.

4Amendments to the principal Regulations#

The principal Regulations shall be amended as set out in these Regulations.

5Amendments to regulation 3 of the principal Regulations#

(1)Regulation 3 is amended as follows.

(2)In paragraph (5) after the words “these Regulations” there is inserted “(except for regulations 3A and 36A)”.

(3)After paragraph (5) there is inserted—“6 Regulation 3A applies in any case where a company entered into administration on or after 15th September 2003 other than a case where the company entered into administration by virtue of a petition presented before that date.7 Regulation 36A applies in any case where an insolvency practitioner is appointed on or after 1st April 2005.”

6Insertion of new Part 1A into the principal Regulations#

After regulation 3 there is inserted—“3A 1 The person who was the last administrator of a company which has been dissolved may, at any time after the expiration of a period of one year from the date of dissolution, destroy or otherwise dispose of the books, papers and other records of the company.2 An administrator or former administrator shall within 14 days of a request by the Secretary of State give the Secretary of State particulars of any money in his hands or under his control representing unclaimed or undistributed assets of the company or dividends or other sums due to any person as a member or former member of the company.”

7Substitution of regulation 35 of the principal Regulations#

For regulation 35 there is substituted—“35 1 The official receiver shall be entitled to remuneration calculated in accordance with the applicable hourly rates set out in paragraph (2) for services provided by him (or any of his officers) in relation to—a a distribution made by him when acting as liquidator or trustee to creditors (including preferential or secured creditors or both such classes of creditor);b the realisation of assets on behalf of the holder of a fixed or floating charge or both types of those charges;c the supervision of a special manager;d the performance by him of any functions where he acts as provisional liquidator; ore the performance by him of any functions where he acts as an interim receiver.2 The applicable hourly rates referred to in paragraph (1) are—a in relation to the official receiver of the London insolvency district, those set out in Table 2 in Schedule 2; andb in relation to any other official receiver, those set out in Table 3 in Schedule 2.”

8Insertion of new Part 5A into the principal Regulations#

After regulation 36 there is inserted—“36A 1 Subject as set out in this regulation, in respect of any case in which he acts, an insolvency practitioner shall on request in writing made by any person mentioned in paragraph (2), supply free of charge to that person a statement of the kind described in paragraph (3).2 The persons referred to in paragraph (1) are—a any creditor in the case;b where the case relates to a company, any director or contributory of that company; andc where the case relates to an individual, that individual.3 The statement referred to in paragraph (1) shall comprise in relation to the period beginning with the date of the insolvency practitioner’s appointment and ending with the relevant date the following details—a the total number of hours spent on the case by the insolvency practitioner and any staff assigned to the case during that period;b for each grade of individual so engaged, the average hourly rate at which any work carried out by individuals in that grade is charged; andc the number of hours spent by each grade of staff during that period.4 In relation to paragraph (3) the “relevant date ” means the date next before the date of the making of the request on which the insolvency practitioner has completed any period in office which is a multiple of six months or, where the insolvency practitioner has vacated office, the date that he vacated office.5 Where an insolvency practitioner has vacated office, an obligation to provide information under this regulation shall only arise in relation to a request that is made within 2 years of the date he vacates office.6 Any statement required to be provided to any person under this regulation shall be supplied within 28 days of the date of the receipt of the request by the insolvency practitioner.7 In this regulation the expression “insolvency practitioner” shall be construed in accordance with section 388 of the Insolvency Act 1986.”

Contains public sector information licensed under the Open Government Licence v3.0.

The Insolvency (Amendment) Regulations 2005

The Insolvency (Amendment) Regulations 2005

1Citation and Commencement#

2Interpretation#

3Transitional provisions#

4Amendments to the principal Regulations#

5Amendments to regulation 3 of the principal Regulations#

6Insertion of new Part 1A into the principal Regulations#

7Substitution of regulation 35 of the principal Regulations#

8Insertion of new Part 5A into the principal Regulations#

Defined terms · 2

Connections

History · 1 version

Key facts

1Citation and Commencement#

2Interpretation#

3Transitional provisions#

4Amendments to the principal Regulations#

5Amendments to regulation 3 of the principal Regulations#

6Insertion of new Part 1A into the principal Regulations#

7Substitution of regulation 35 of the principal Regulations#

8Insertion of new Part 5A into the principal Regulations#