On May 29, UK GVT increased the insolvency practitioner annual fee.
UK GVT issued Insolvency practitioners and insolvency services account (fees) (amendment) order 2024 (StIn 2024/725) which makes amends to The insolvency practitioners and insolvency services account (fees) order 2003 (StIn 2003/3363).
Order 2024
Increased the annual fee paid by each recognized professional body (RPB) to the secretary of state from £470 to £610 per licensed insolvency practitioner it regulates.
The secretary of state is the oversight regulator of the insolvency profession by overseeing RPBs, which in turn licence and directly regulate insolvency practitioners.
The Insolvency Service acts on behalf of the secretary of state in this capacity.
Current fee per practitioner was set in 2019 when there were 1565 practitioners.
This number has fallen to 1508 as of Jan. 2024 and with inflation of 23% over the past five years, the existing fee no longer covers the cost of regulation.
Effectiveness
The order comes into force on Dec. 31, 2024.
The new annual fee applies to calendar years from Jan. 1, 2025.
