The question we are often asked is how does the Insolvency Practitioner get paid his fees? In the majority of cases, the Insolvency Practitioner will take his fees out of the realisation of the company’s or individual’s assets. Where there are no or insufficient assets to cover fees, the Insolvency Practitioner may ask the director or a third party to fund the procedure. In all cases, we will ensure that this is transparent before any work is carried out.
Insolvency Practitioners’ fees are highly regulated and are typically set and approved by the creditors. An independent insolvency professional body, R3, has issued the following guidance booklets relating to the various types of insolvency procedure undertaken by the Insolvency Practitioner: