Part 10Insolvency

Money

270 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.

F1(3)

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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.”