EXPLANATORY NOTE

(This note is not part of the Regulations)

Regulation 35 of the Insolvency Regulations 1994 provides that the official receiver is entitled to remuneration under that regulation while acting as interim receiver, provisional liquidator, liquidator or trustee. The hourly rates of remuneration payable by virtue of regulation 35 are set out in Tables 2 and 3 in Schedule 2 to the 1994 Regulations.

The hourly rates have been increased and are set out in the new Tables 2 and 3 which are substituted by these Regulations for the existing Tables in the 1994 Regulations.