We do as much as we can to be open and transparent about our fees and the costs associated with all the work we do. Like most professionals our normal basis of charging is on time costs based on charge out rates which vary depending on the grade and experience of individuals involved. We believe that our charge out rates are very competitive and we provide a more personal but otherwise similar level of service to the larger national business rescue and insolvency firms but at around half the price.
We don't charge for initial meetings and won't charge until we agree the terms of an engagement with you. The only exception to this is non business related cases (for example consumer credit card problem debt) where we will charge a fixed fee for initial meetings. We always agree a basis for charging before work commences – usually in accordance with the time spent on your case but sometimes on a percentage of results achieved. If we are charging on a time basis we will give you an estimate of the total fee and agree further fees if necessary.
In formal insolvency appointment cases we normally charge on a time basis subject to the law and guidelines laid down by our professional body listed below. Click the download links in the first table to view our charging and expenses policies for appointments pre and post 1 October 2015 and in the second table to view the official creditor guides.
Charging and expenses recovery policies:
|For insolvency appointments
up to 1 October 2015
|For insolvency appointments
after 1 October 2015
|Charging and expenses recovery policies||Download||Download|
A creditors' guide to fees:
|For insolvencies effective |
from 1 April 2021
31 October 2011
1 November 2011 to 30 September 2015
1 October 2015
|A creditors' guide to administrators' fees||Download||Download||Download||Download||Download||Download|
|A creditors' guide to bankruptcy fees||Download||Download||Download||Download||Download||Download|
|A creditors' guide to liquidators' fees||Download||Download||Download||Download||Download||Download|
|A creditors' guide to voluntary arrangement fees||Download||Download
|A members' guide to liquidators' fees in a solvent liquidation||Download||N/A||N/A||N/A||Download||No changes|
Currently our hourly charge out rates are:
|London rates||Regional rates|
|Associate Director/Licensed Insolvency Practitioner||£640||£490|
We believe these are very competitive and about half of costs charged by national firms.
New rules laid before Parliament on 4 March 2015 will bring an end to the uncertainty of unlimited hourly charges in insolvency cases by requiring insolvency practitioners to provide upfront estimates of the cost of working on them. Read more here
Insolvency fees face frequent scrutiny and criticism. Media headlines have often focused on the amount charged by insolvency practitioners (IPs) in high-profile cases. Unfortunately a great deal of the detail behind the headlines often gets missed - leading to an unfair representation and understanding of the insolvency profession and the fees they charge for the work they carry out. This paper looks at how insolvency fees are charged, regulated and paid. Download here