|
|||||||
|
Frequently
Asked Questions about the Enterprise Act:
Modernisation of the Financial Regime of
The Insolvency Service > General < > Company < > Individual < > Crown Preference < > Financial Regime < ____________________________________
____________________________________ 1. How will the changes to the Insolvency Service's Account work? Currently, the rate of interest paid to estates from the Insolvency Service’s Account (ISA) is 3.5%, with any surplus income going to the consolidated fund. Under the regime introduced by the Enterprise Act, the rate of interest will be set by notice, and will be able to be adjusted more often. Additionally, the provision requiring liquidators to deposit funds in the ISA in voluntary liquidations is to be revoked. ____________________________________ 2. At what level will the interest rate on money in the Insolvency Service's Account be set? The rate will be set as competitively as possible in line with the returns on the Insolvency Service Investment Account. ____________________________________ 3. At what level will the fees be set? The level of specific fees has not been determined as yet, but each fee will reflect the full cost of the services covered. ____________________________________ 4. How will the new regime compare to the existing regime? It is not possible to do direct comparison between current and new regimes, because the current system of fees is so complicated and unrelated to costs. The new administration fees will reflect the actual cost of OR administration, and will be charged on a full cost recovery basis. ____________________________________ 5. Interest on funds held in the Insolvency Service's Account Please click here for information about interest on funds in the Insolvency Service's account. ____________________________________ |
|||||||
|
|
|||||||
