On May 29, UK GVT published amendments to insolvency regulations.
UK GVT published The insolvency (amendment) regulations 2024 (StIn 2024/722)which make amendments to Insolvency regulations 1994 (StIn 1994/2507).
Amendments
Increase official receiver remuneration when supervising activities of special manager.
Or acting as interim receiver/provisional liquidator and when distributing to creditors.
Remuneration charged on hourly rate, based on Insolvency Service grade of individuals carrying out the work, only applies to cases where certain duties are carried out.
Effectiveness
The regulations come into force on Jan. 9, 2025.
Oct. 2024 Correction Slip
On Oct. 22, 2024, UK GVT published a correction slip stating that on Page 1, regulation 3, in the substituted text: Table 1 should read Table 2.
Also Page 2, regulation 3, in the substituted text: Table 2 should read Table 3.
