SCHEDULEAMENDMENTS TO THE INSOLVENCY REGULATIONS 1994
Amendment to Regulation 51
For Regulation 5(2) there is substituted—
2
In the case of a voluntary winding up, the liquidator may make payments into the Insolvency Services Account to the credit of the company.
Amendment to Regulation 92
1
In Regulation 9 for paragraph (6) there is substituted—
6
Subject to paragraphs (6A) and (6B), at any time after 1st April 2004 whenever there are any monies standing to the credit of the company in the Insolvency Services Account the company shall be entitled to interest on those monies at the rate of 4.25 per cent per annum.
6A
Interest shall cease to accrue pursuant to paragraph (6) from the date of receipt by the Secretary of State of a notice in writing from the liquidator that in the opinion of the liquidator it is necessary or expedient in order to facilitate the conclusion of the winding up that interest should cease to accrue but interest shall start to accrue again pursuant to paragraph (6) where the liquidator gives a further notice in writing to the Secretary of State requesting that interest should start to accrue again.
6B
The Secretary of State may by notice published in the London Gazette vary the rate of interest prescribed by paragraph (6) and such variation shall have effect from the day after the date of publication of the notice in the London Gazette or such later date as may be specified in the notice.
2
Where a notice that interest should cease is given pursuant to paragraph (6)(a) of regulation 9 as it stood immediately before the coming into force of these Regulations, that notice shall be treated as having been given for the purposes of paragraph (6A) as inserted by paragraph (1) above.
Amendment to Regulation 23A3
1
In Regulation 23A, for paragraph (6) there is substituted—
6
Subject to paragraphs (6A) and (6B), at any time after 1st April 2004 whenever there are any monies standing to the credit of the estate of the bankrupt in the Insolvency Services Account the estate shall be entitled to interest on those monies at the rate of 4.25 per cent per annum.
6A
Interest shall cease to accrue pursuant to paragraph (6) from the date of receipt by the Secretary of State of a notice in writing from the trustee that in the opinion of the trustee it is necessary or expedient in order to facilitate the conclusion of the bankruptcy that interest should cease to accrue but interest shall start to accrue again pursuant to paragraph (6) where the trustee gives a further notice in writing to the Secretary of State requesting that interest should start to accrue again.
6B
The Secretary of State may by notice published in the London Gazette vary the rate of interest prescribed by paragraph (6) and such variation shall have effect from the day after the date of publication of the notice in the London Gazette or such later date as may be specified in the notice.
2
Where a notice that interest should cease is given pursuant to paragraph (6)(a) of regulation 23A as it stood immediately before the coming into force of these Regulations, that notice shall be treated as having been given for the purposes of paragraph (6A) of Regulation 23A as inserted by paragraph (1) above.
Revocation of regulations 33, 34 and 364
Regulations 33, 34 and 36 are revoked.
Amendment to regulation 355
In paragraph (1) of regulation 35—
a
after the word “When” there are inserted the words “the official receiver acting as liquidator or trustee makes a distribution to creditors, supervises a special manager or”; and
b
the words “remuneration is not provided in these Regulations or” are omitted.
Omission of Table 1 in Schedule 2 to the principal Regulations6
Table 1 in Schedule 2 to the principal Regulations is omitted.
Substitution of Table 2 and Table 3 in Schedule 2 to the principal Regulations7
For Table 2 and Table 3 in Schedule 2 to the principal Regulations there is substituted—
TABLE 2 –London rates
Grade according to the Insolvency Service grading structure/Status of Official
Total hourly rate £
D2/Official Receiver
65
C2/Deputy or Assistant Official Receiver
55
C1/Senior Examiner
50
B3/Examiner
40
B2/Administrator
40
B1/Examiner
35
B1/Administrator
40
A2/Administrator
35
A1/Administrator
30
TABLE 3 –Provincial rates
Grade according to the Insolvency Service grading structure/Status of Official
Total hourly rate £
D2/Official Receiver
60
C2/Deputy or Assistant Official Receiver
50
C1/Senior Examiner
45
B3/Examiner
40
B2/Administrator
37
B1/Examiner
33
B1/Administrator
36
A2/Administrator
31
A1/Administrator
27.