The Insolvency Practitioners Regulations 2005

Regulation 4

SCHEDULE 1 E+W+S REGULATIONS REVOKED

• M1 The Insolvency Practitioners Regulations 1990

• M2 The Insolvency Practitioners (Amendment) Regulations 1993

• M3 The Insolvency Practitioners (Amendment) Regulations 2002

• M4 The Insolvency Practitioners (Amendment) (No 2) Regulations 2002

• M5 The Insolvency Practitioners (Amendment) Regulations 2004

Marginal Citations

M1 S.I. 1990/439.

M2 S.I. 1993/221.

M3 S.I. 2002/2710.

M4 S.I. 2002/2748.

M5 S.I. 2004/473.

Regulation 12

SCHEDULE 2 E+W+S REQUIREMENTS FOR SECURITY OR CAUTION AND RELATED MATTERS

PART 1 E+W+S Interpretation

Interpretation E+W+S

1.  In this Schedule—

“cover schedule” means the schedule referred to in paragraph 3(2)(c);

“the insolvent” means the individual or company in relation to which an insolvency practitioner is acting;

“general penalty sum” shall be construed in accordance with paragraph 3(2)(b);

“insolvent's assets” means all assets comprised in the insolvent's estate together with any monies provided by a third party for the payment of the insolvent's debts or the costs and expenses of administering the insolvent's estate;

[F1 “professional liability insurance” means insurance taken out by the insolvency practitioner in respect of potential liabilities to the insolvent and third parties arising out of acting as an insolvency practitioner;]

“specific penalty sum” shall be construed in accordance with paragraph 3(2)(a).

Textual Amendments

F1 Words in Sch. 2 para. 1 inserted (28.12.2009) by The Provision of Services (Insolvency Practitioners) Regulations 2009 (S.I. 2009/3081), reg. 1, Sch. para. 8(2) (with reg. 5)

PART 2 E+W+S Requirements relating to security and caution

Requirements in respect of security or caution E+W+S

2.  The requirements in respect of security or caution for the proper performance of the duties of insolvency practitioners prescribed for the purposes of section 390(3)(b) shall be as set out in this Part.

[F2 Requirement for bond or professional liability insurance E+W+S

2A.   Where an insolvency practitioner is appointed to act in respect of an insolvent there must be in force—

(a) a bond in a form approved by the Secretary of State which complies with paragraph 3; or

(b) where the insolvency practitioner is already established in another EEA state and is already covered in that state by professional liability insurance or a guarantee, professional liability insurance or a guarantee which complies with paragraph 8A.]

Textual Amendments

F2 Sch. 2 para. 2A added (28.12.2009) by The Provision of Services (Insolvency Practitioners) Regulations 2009 (S.I. 2009/3081), reg. 1, Sch. para. 8(3) (with reg. 5)

[F3 Terms of the bond] E+W+S

3.— [F4 (1) The bond must—

(a) be in writing or in electronic form;

(b) contain provision whereby a surety or cautioner undertakes to be jointly and severally liable for losses in relation to the insolvent caused by—

(i) the fraud or dishonesty of the insolvency practitioner whether acting alone or in collusion with one or more persons; or

(ii) the fraud or dishonesty of any person committed with the connivance of the insolvency practitioner; and

(c) otherwise conform to the requirements of this paragraph and paragraphs 4 to 8.]

(2) The terms of the bond shall provide—

(a) for the payment, in respect of each case where the insolvency practitioner acts, of claims in respect of liabilities for losses of the kind mentioned in sub-paragraph (1) up to an aggregate maximum sum in respect of that case (“the specific penalty sum”) calculated in accordance with the provisions of this Schedule;

(b) in the event that any amounts payable under (a) are insufficient to meet all claims arising out of any case, for a further sum of £250,000 (“the general penalty sum”) out of which any such claims are to be met;

(c) for a schedule containing the name of the insolvent and the value of the insolvent's assets to be submitted to the surety or cautioner within such period as may be specified in the bond;

(d) that where at any time before the insolvency practitioner obtains his release or discharge in respect of his acting in relation to an insolvent, he forms the opinion that the value of that insolvent's assets is greater than the current specific penalty sum, a revised specific penalty sum shall be applicable on the submission within such time as may be specified in the bond of a cover schedule containing a revised value of the insolvent's assets;

(e) for the payment of losses of the kind mentioned in sub-paragraph (1), whether they arise during the period in which the insolvency practitioner holds office in the capacity in which he was initially appointed or a subsequent period where he holds office in a subsequent capacity;

(3) The terms of the bond may provide—

(a) that total claims in respect of the acts of the insolvency practitioner under all bonds relating to him are to be limited to a maximum aggregate sum (which shall not be less than than £25,000,000); and

(b) for a time limit within which claims must be made.

Textual Amendments

F3 Sch. 2 para. 3 title substituted (28.12.2009) by The Provision of Services (Insolvency Practitioners) Regulations 2009 (S.I. 2009/3081), reg. 1, Sch. para. 8(4)(a) (with reg. 5)

F4 Sch. 2 para. 3(1) substituted (28.12.2009) by The Provision of Services (Insolvency Practitioners) Regulations 2009 (S.I. 2009/3081), reg. 1, Sch. para. 8(4)(b) (with reg. 5)

4.  Subject to paragraphs 5, 6 and 7, the amount of the specific penalty in respect of a case in which the insolvency practitioner acts, shall equal at least the value of the insolvent's assets as estimated by the insolvency practitioner as at the date of his appointment but ignoring the value of any assets—

(a) charged to a third party to the extent of any amount which would be payable to that third party; or

(b) held on trust by the insolvent to the extent that any beneficial interest in those assets does not belong to the insolvent.

5.  In a case where an insolvency practitioner acts as a nominee or supervisor of a voluntary arrangement under Part I or Part VIII of the Act, the amount of the specific penalty shall be equal to at least the value of those assets subject to the terms of the arrangement (whether or not those assets are in his possession) including, where under the terms of the arrangement the debtor or a third party is to make payments, the aggregate of any payments to be made.

6.  Where the value of the insolvent's assets is less than £5,000, the specific penalty sum shall be £5,000.

7.  Where the value of the insolvent's assets is more than £5,000,000 the specific penalty sum shall be £5,000,000.

8.  In estimating the value of an insolvent's assets, unless he has reason to doubt their accuracy, the insolvency practitioner may rely upon—

(a) any statement of affairs produced in relation to that insolvent pursuant to any provision of the Act; and

(b) in the case of a sequestration—

(i) the debtor's list of assets and liabilities under section 19 of the Bankruptcy (Scotland) Act 1985 M6 ;

(ii) the preliminary statement under that Act; or

(iii) the final statement of the debtor's affairs by the interim trustee under section 23 of the Bankruptcy (Scotland) Act 1985.

Marginal Citations

M6 1985 c. 66.

[F5 Compliance of professional liability insurance cover in another EEA state E+W+S

8A.   Where paragraph 2A(b) applies to an insolvency practitioner, the professional liability insurance or guarantee complies with this paragraph if the Secretary of State determines that it is equivalent or essentially comparable to the bond referred to in paragraph 3 as regards—

(a) its purpose, and

(b) the cover it provides in terms of—

(i) the risk covered,

(ii) the amount covered, and

(iii) exclusions from the cover.]

Textual Amendments

F5 Sch. 2 paras. 8A-8E added (28.12.2009) by The Provision of Services (Insolvency Practitioners) Regulations 2009 (S.I. 2009/3081), reg. 1, Sch. para. 8(5) (with reg. 5)

[F5 Procedure for determining compliance of professional liability insurance or guarantee E+W+S

8B.— (1) Where an insolvency practitioner seeks a determination under paragraph 8A, the insolvency practitioner must send to the Secretary of State—

(a) a copy of the document providing the professional liability insurance or guarantee cover in the EEA state in which the insolvency practitioner is established;

(b) where the document in sub-paragraph (a) is not in English, a translation of it into English; and

(c) a notice—

(i) where the insolvency practitioner intends to act in respect of an insolvent, specifying—

(aa) the name of the insolvent; and

(bb) the time and date when the insolvency practitioner intends to consent to be appointed to act; or

(ii) that the insolvency practitioner seeks a determination without reference to a specific appointment.

(2) Where there is a notice sent under sub-paragraph (1)(c)(i), the documents sent under sub-paragraph (1) must be sent to the Secretary of State such that the Secretary of State receives them no later than 5 business days before the date in the notice.

(3) Where the Secretary of State receives the documents sent under sub-paragraph (1), the Secretary of State must—

(a) as soon as is reasonably practicable, notify the insolvency practitioner whether they were received in accordance with sub-paragraph (2);

(b) consider them; and

(c) determine whether the document sent under sub-paragraph (1)(a) complies with paragraph 8A.

(4) Where the Secretary of State determines that the document sent under sub-paragraph (1)(a) complies with paragraph 8A, the Secretary of State must—

(a) notify the insolvency practitioner that it complies with paragraph 8A; and

(b) determine whether it contains a term equivalent or essentially comparable to a requirement to provide—

(i) a specific penalty sum; or

(ii) a cover schedule.

(5) Where the Secretary of State determines under sub-paragraph (4)(b) that the document sent under sub-paragraph (1)(a)—

(a) contains a term equivalent or essentially comparable to a requirement to provide a specific penalty sum or a cover schedule, the notice sent under paragraph (4)(a) must specify—

(i) the term equivalent or essentially comparable to a requirement to provide a specific penalty sum or a cover schedule; and

(ii) the thing in the term in sub-paragraph (i) which is equivalent or essentially comparable to a specific penalty sum or a cover schedule; or

(b) does not contain a term equivalent or essentially comparable to a requirement to provide a specific penalty sum or a cover schedule, the notice sent under paragraph (4)(a) must state that determination.

(6) Where the Secretary of State determines that the document sent under sub-paragraph (1)(a) does not comply with paragraph 8A, the Secretary of State must notify the insolvency practitioner and—

(a) give reasons for the determination; and

(b) specify any terms which, if included in a supplementary guarantee, will cause the Secretary of State to make a determination in accordance with paragraph 8A.

(7) In this paragraph a “business day” means any day other than a Saturday, a Sunday, Christmas Day, Good Friday or a day which is a bank holiday in England and Wales under or by virtue of the Banking and Financial Dealings Act 1971.

(8) Any documents in this paragraph or paragraph 8C or 8D may be sent electronically.]

Textual Amendments

F5 Sch. 2 paras. 8A-8E added (28.12.2009) by The Provision of Services (Insolvency Practitioners) Regulations 2009 (S.I. 2009/3081), reg. 1, Sch. para. 8(5) (with reg. 5)

[F5 Procedure for determining compliance of supplementary guarantee E+W+S

8C.— (1) Where the Secretary of State has made a determination under paragraph 8B(6), the insolvency practitioner may send to the Secretary of State—

(a) a supplementary guarantee purporting to provide for the matters specified in paragraph 8B(6)(b); and

(b) where the supplementary guarantee is not in English, a translation of it into English.

(2) Where the Secretary of State receives the documents sent under sub-paragraph (1), the Secretary of State must—

(a) as soon as is reasonably practicable, notify the insolvency practitioner of the date and time of their receipt;

(b) consider them; and

(c) determine whether the document sent under sub-paragraph (1)(a) provides for the matters specified in paragraph 8B(6)(b).

(3) Where the Secretary of State determines that the document sent under sub-paragraph (1)(a)—

(a) provides for the matters in specified in paragraph 8B(6)(b); and

(b) together with the document in paragraph 8B(1)(a) complies with paragraph 8A,

the Secretary of State must notify the insolvency practitioner that the documents sent under sub-paragraph (1)(a) and paragraph 8B(1)(a) together comply with paragraph 8A.

(4) Where the Secretary of State determines in accordance with sub-paragraph (3), the Secretary of State must also determine whether the document sent under sub-paragraph (1)(a) or paragraph 8B(1)(a) contains a term equivalent or essentially comparable to a requirement to provide—

(a) a specific penalty sum; or

(b) a cover schedule.

(5) Where the Secretary of State determines under sub-paragraph (4) that the document sent under sub-paragraph (1)(a) or paragraph 8B(1)(a)—

(a) contains a term equivalent or essentially comparable to a requirement to provide a specific penalty sum or a cover schedule, the notice sent under sub-paragraph (3) must specify—

(i) the term equivalent or essentially comparable to a requirement to provide a specific penalty sum or a cover schedule;

(ii) the thing in the term in sub-paragraph (i) which is equivalent or essentially comparable to a requirement to a specific penalty sum or a cover schedule; and

(iii) the document in which the term in sub-paragraph (i) and the thing in sub-paragraph (ii) are to be found; or

(b) does not contain a term equivalent or essentially comparable to a requirement to provide a specific penalty sum or a cover schedule, the notice sent under sub-paragraph (3) must state that determination.

(6) Where the Secretary of State determines that the document sent under sub-paragraph (1)(a)—

(a) does not provide for the matters specified in paragraph 8B(6)(b), or

(b) together with the document sent under paragraph 8B(1)(a) does not comply with paragraph 8A,

the Secretary of State must notify the insolvency practitioner that the documents sent under sub-paragraphs (1)(a) and paragraph 8B(1)(a) together do not comply with paragraph 8A.]

Textual Amendments

F5 Sch. 2 paras. 8A-8E added (28.12.2009) by The Provision of Services (Insolvency Practitioners) Regulations 2009 (S.I. 2009/3081), reg. 1, Sch. para. 8(5) (with reg. 5)

[F5 Time for notification of determinations E+W+S

8D.— (1) The Secretary of State must notify the insolvency practitioner of the determinations under paragraph 8B or 8C in the periods set out in this paragraph.

(2) The Secretary of State must notify the insolvency practitioner—

(a) where a notice under paragraph 8B(1)(c)(i) is received by the Secretary of State in accordance with paragraph 8B(2) and the determination is under—

(i) paragraph 8B(4), (5) or (6), such that the insolvency practitioner receives the notice sent under paragraph 8B(4) or (6) or before the time and date in the notice sent under paragraph 8B(1)(c)(i); or

(ii) paragraph 8C(4), (5) or (6), as soon as is reasonably practicable after receipt of the documents sent under paragraph 8C(1);

(b) where a notice sent under paragraph 8B(1)(c)(i) is received by the Secretary of State but not in accordance with paragraph 8B(2), and the determination is under—

(i) paragraph 8B(4), (5) or (6), as soon as is reasonably practicable after receipt of the documents sent under paragraph 8B(1); or

(ii) paragraph 8C(3), (5) or (6), as soon as is reasonably practicable after receipt of the documents sent under paragraph 8C(1); or

(c) where the notice is sent under paragraph 8B(1)(c)(ii), and the determination is under—

(i) paragraph 8B(4), (5) or (6), within 28 days of receipt of the documents sent under paragraph 8B(1); or

(ii) paragraph 8C(3), (5) or (6), within 14 days of receipt of the documents sent under paragraph 8C(1).]

Textual Amendments

F5 Sch. 2 paras. 8A-8E added (28.12.2009) by The Provision of Services (Insolvency Practitioners) Regulations 2009 (S.I. 2009/3081), reg. 1, Sch. para. 8(5) (with reg. 5)

[F5 Notification of determination out of time E+W+S

8E.— (1) This paragraph applies where the insolvency practitioner—

(a) sends a notice under paragraph 8B(1)(c)(i);

(b) receives notification sent under paragraph 8B(3)(a) that the Secretary of State received the documents in paragraph 8B(1) in accordance with paragraph 8B(2); and

(c) does not receive the notifications in the time in paragraph 8D(2)(a)(i).

(2) The insolvency practitioner is qualified to act as an insolvency practitioner in respect of the insolvent specified in the notice under paragraph 8B(1)(c)(i) until the Secretary of State notifies the insolvency practitioner of the determination under paragraph 8B or 8C.

(3) Subject to sub-paragraph (4), where the Secretary of State notifies the insolvency practitioner of the determination under paragraph 8B or 8C—

(a) the determination applies; and

(b) the insolvency practitioner ceases to be qualified to act as an insolvency practitioner under sub-paragraph (2).

(4) Where—

(a) the Secretary of State gives notice under paragraph 8B(6); and

(b) the insolvency practitioner sends the documents in paragraph 8C(1),

the insolvency practitioner is qualified to act as an insolvency practitioner under sub-paragraph (2) until the Secretary of State determines in accordance with paragraph 8C(4) or (6).]

Textual Amendments

F5 Sch. 2 paras. 8A-8E added (28.12.2009) by The Provision of Services (Insolvency Practitioners) Regulations 2009 (S.I. 2009/3081), reg. 1, Sch. para. 8(5) (with reg. 5)

PART 3 E+W+S Records relating to bonding and connected matters

Record of specific penalty sums to be maintained by insolvency practitioner E+W+S

9.—(1) An insolvency practitioner shall maintain a record of all specific penalty sums that are applicable in relation to any case where he is acting and such record shall contain the name of each person to whom the specific penalty sum relates and the amount of each penalty sum that is in force.

(2) Any record maintained by an insolvency practitioner pursuant to this paragraph shall, on the giving of reasonable notice, be made available for inspection by—

(a) any professional body recognised under section 391 of the Act of which he is or was a member and the rules of membership of which entitle or entitled him to act as an insolvency practitioner;

(b) any competent authority by whom the insolvency practitioner is or was authorised to act pursuant to section 393 of the Act; and

(c) the Secretary of State.

[F6 (3) Subject to sub-paragraph (4), where the Secretary of State has notified the insolvency practitioner in accordance with paragraph 8B(5)(a) or 8C(5)(a) in relation to a specific penalty sum, the thing notified under paragraph 8B(5)(a)(ii) or 8C(5)(a)(ii) is construed as a specific penalty sum for the purposes of this paragraph and Schedule 3.

(4) Where the Secretary of State has notified the insolvency practitioner in accordance with paragraph 8B(5)(b) or 8C(5)(b) in relation to a specific penalty sum, this paragraph does not apply.]

Textual Amendments

F6 Sch. 2 para. 9(3)(4) added (28.12.2009) by The Provision of Services (Insolvency Practitioners) Regulations 2009 (S.I. 2009/3081), reg. 1, Sch. para. 8(6) (with reg. 5)

Retention of bond by recognised professional body or competent authority E+W+S

10.— [F7 (1)] [F8 The documents in sub-paragraph (2) or a copy must] be sent by the insolvency practitioner to—

(a) any professional body recognised under section 391 of the Act of which he is a member and the rules of membership of which entitle him to act as an insolvency practitioner; or

(b) any competent authority by whom the insolvency practitioner is authorised to act pursuant to section 393 of the Act.

[F9 (2) The documents in this sub-paragraph are—

(a) the bond referred to in paragraph 3;

(b) where the Secretary of State has determined under paragraph 8B(4)—

(i) the document in paragraph 8B(1)(a) and (b); and

(ii) the notice under paragraph 8B(4);

(c) where the Secretary of State has determined under paragraph 8C(4)

(i) the documents in paragraphs 8B(1)(a) and (b) and 8C(1)(a) and (b);and

(ii) the notice under paragraph 8C(3).

(3) The document in sub-paragraph (2) or a copy of it may be sent electronically.]

Textual Amendments

F7 Sch. 2 para. 10 renumbered as Sch. 2 para. 10(1) (28.12.2009) by virtue of The Provision of Services (Insolvency Practitioners) Regulations 2009 (S.I. 2009/3081), reg. 1, Sch. para. 8(7)(a) (with reg. 5)

F8 Words in Sch. 2 para. 10(1) substituted (28.12.2009) by virtue of The Provision of Services (Insolvency Practitioners) Regulations 2009 (S.I. 2009/3081), reg. 1, Sch. para. 8(7)(a) (with reg. 5)

F9 Sch. 2 para. 10(2)(3) added (28.12.2009) by virtue of The Provision of Services (Insolvency Practitioners) Regulations 2009 (S.I. 2009/3081), reg. 1, Sch. para. 8(7)(b) (with reg. 5)

Inspection and retention requirements relating to cover schedule – England and Wales E+W+S

11.—(1) This regulation applies to an insolvency practitioner appointed in insolvency proceedings under the Act to act—

(a) in relation to a company which the courts in England and Wales have jurisdiction to wind up; or

(b) in respect of an individual.

(2) The insolvency practitioner shall retain a copy of the cover schedule submitted by him in respect of his acting in relation to the company or, as the case may be, individual until the second anniversary of the date on which he is granted his release or discharge in relation to that company or, as the case may be, that individual.

(3) The copy of a schedule kept by an insolvency practitioner in pursuance of sub-paragraph (2) shall be produced by him on demand for inspection by—

(a) any creditor of the person to whom the schedule relates;

(b) where the schedule relates to an insolvent who is an individual, that individual;

(c) where the schedule relates to an insolvent which is a company, any contributory or director or other officer of the company; and

(d) the Secretary of State.

[F10 (4) Subject to sub-paragraph (5), where the Secretary of State has notified the insolvency practitioner tin accordance with paragraph 8B(5)(a) or 8C(5)(a) in relation to a cover schedule, the thing notified under paragraph 8B(5)(a)(ii) or 8C(5)(a)(ii) is construed as a cover schedule for the purposes of this paragraph, paragraph 12, paragraph 13 and Schedule 3.

(5) Where the Secretary of State has notified the insolvency practitioner in accordance with paragraph 8B(5)(b) or 8C(5)(b) in relation to a cover schedule, this paragraph, paragraph 12 and paragraph 13 do not apply.]

Textual Amendments

F10 Sch. 2 para. 11(4)(5) added (28.12.2009) by The Provision of Services (Insolvency Practitioners) Regulations 2009 (S.I. 2009/3081), reg. 1, Sch. para. 8(8) (with reg. 5)

Inspection and retention requirements relating to the cover schedule– Scotland E+W+S

12.—(1) Where an insolvency practitioner is appointed to act in relation to a company which the courts in Scotland have jurisdiction to wind up, he shall retain in the sederunt book kept under rule 7.33 of the Insolvency (Scotland) Rules 1986 M7 , the principal copy of any cover schedule containing entries in relation to his so acting.

(2) Where an insolvency practitioner is appointed to act as interim trustee or permanent trustee or as a trustee under a trust deed for creditors, he shall retain in the sederunt book kept for those proceedings, the principal copy of any cover schedule containing entries in relation to his so acting.

Marginal Citations

M7 1986 c. 1915.

Requirements to submit cover schedule to authorising body E+W+S

13.—(1) Every insolvency practitioner shall submit to his authorising body not later than 20 days after the end of each month during which he holds office in a case—

(a) the information submitted to a surety or cautioner in any cover schedule related to that month;

(b) where no cover schedule is submitted in relation to the month, a statement either that there are no relevant particulars to be supplied or, as the case may be, that it is not practicable to supply particulars in relation to any appointments taken in that month; and

(c) a statement identifying any case in respect of which he has been granted his release or discharge.

(2) In this regulation “authorising body” means in relation to an insolvency practitioner—

(a) any professional body recognised under section 391 of the Act of which he is a member and the rules of membership of which entitle him to act as an insolvency practitioner; or

(b) any competent authority by whom he is authorised to act as an insolvency practitioner pursuant to section 393 of the Act.

Regulation 13

SCHEDULE 3 E+W+S RECORDS TO BE MAINTAINED - MINIMUM REQUIREMENTS

Details of the insolvency practitioner acting in the case E+W+S

1.  The name of the insolvency practitioner acting in the case.

2.  The identifying number or reference issued to the insolvency practitioner by [F11 — E+W+S

(a) a competent authority;

(b) the Department of Enterprise, Trade and Investment for Northern Ireland; or

(c) any body recognised under section 391 of the Act].

Textual Amendments

F11 Words in Sch. 3 para. 2 substituted (28.12.2009) by The Provision of Services (Insolvency Practitioners) Regulations 2009 (S.I. 2009/3081), reg. 1, Sch. para. 9(2) (with reg. 5)

3.  The principal business address of the insolvency practitioner. E+W+S

[F12 4.   Either— E+W+S

(a) the name of—

(i) any body by virtue of whose rules the insolvency practitioner is entitled to practise; or

(ii) any competent authority by whom the insolvency practitioner is authorised; or

(b) where the insolvency practitioner is authorised by the Department of Enterprise, Trade and Investment for Northern Ireland under Article 352 of the Insolvency (Northern Ireland) Order 1989, that such an authorisation has been granted.]

Textual Amendments

F12 Sch. 3 para. 4 substituted (28.12.2009) by The Provision of Services (Insolvency Practitioners) Regulations 2009 (S.I. 2009/3081), reg. 1, Sch. para. 9(3) (with reg. 5)

Details of the insolvent E+W+S

5.  The name of the person in respect of whom the insolvency practitioner is acting.

6.  The type of the insolvency proceedings. E+W+S

Progress of administration E+W+S

7.  As regards the progress of the administration of the case the following details if applicable—

(a) the date of commencement of the proceedings;

(b) the date of appointment of the insolvency practitioner;

(c) the date on which the appointment was notified to—

(i) the Registrar of Companies; or

(ii) the Accountant in Bankruptcy.

Bonding arrangements in the case E+W+S

8.  As regards the arrangements for security or caution in the case—

(a) the date of submission of the cover schedule which has the details of the specific penalty sum applicable in the case;

(b) the amount of the specific penalty sum;

(c) the name of the surety or cautioner;

(d) the date of submission to surety or cautioner of a cover schedule with any increase in the amount of the specific penalty sum;

(e) the amount of any revised specific penalty sum; and

(f) the date of submission to the surety or cautioner of details of termination of the office held by the insolvency practitioner.

Matters relating to remuneration E+W+S

9.  As regards the remuneration of the insolvency practitioner—

(a) the basis on which the remuneration of the insolvency practitioner is to be calculated; and

(b) the date and content of any resolution of creditors in relation to the remuneration of the insolvency practitioner.

Meetings (other than any final meeting of creditors) E+W+S

10.  The dates of —

(a) the meeting of members;

(b) the date of first meeting of creditors—

(i) to consider an administrator's proposals;

(ii) to consider an administrative receiver's report;

(iii) in liquidation or bankruptcy;

(iv) to consider a voluntary arrangement proposal; or

(v) according to a trust deed for creditors;

(c) the date of the statutory meeting in sequestration; and

(d) the dates and purposes of any subsequent meetings.

Disqualification of Directors E+W+S

11.  As regards the insolvency practitioner's duties under section 7 of the Company Directors Disqualification Act 1986 M8 to report the conduct of directors—

(a) the date a return under section 7 is due;

(b) the date a return is submitted to the Secretary of State;

(c) the date a conduct report is submitted to the Secretary of State; and

(d) the date on which any further reports are submitted to the Secretary of State.

Marginal Citations

M8 1986 c. 46.

Vacation of office etc. E+W+S

12.  The following details regarding the completion of the case—

(a) the date of the final notice to, or meeting of, creditors ;

(b) the date that the insolvency practitioner vacates office; and

(c) the date of release or discharge of the insolvency practitioner (or if there is no final meeting of creditors, the date of the final return of receipts and payments to the Secretary of State).

Distributions to creditors etc. E+W+S

13.  As regards distributions—

(a) in relation to each payment to preferential or preferred creditors—

(i) the name of the person to whom the payment was made;

(ii) the date of the payment;

(iii) the amount of the payment;

(b) in relation to each payment to unsecured creditors—

(i) the name of the person to whom the payment was made;

(ii) the date of the payment;

(iii) the amount of the payment; and

(c) in relation to each return of capital—

(i) the name of the person to whom the return of capital was made;

(ii) the date of the payment; and

(iii) the amount of capital returned or the value of any assets returned.

Statutory Returns E+W+S

14.  As regards any returns or accounts to be made to the Secretary of State, the Registrar of Companies or the Accountant in Bankruptcy—

(a) as regards each interim return or abstract of receipts and payments;

(i) the date the return or abstract is due;

(ii) the date on which the return is filed; and

(b) as regards any final return or abstract of receipts and payments—

(i) the date that the return or abstract is due; and

(ii) the date on which the return is filed.

Time recording E+W+S

15.  Records of the amount of time spent on the case by the insolvency practitioner and any persons assigned to assist in the administration of the case.