These guides relate to fees for insolvency practice and explain to creditors their rights under legislation in the different types of insolvency proceeding, both corporate and personal.
These guides are produced by R3 and provide information on the bases on which insolvency practitioners’ remuneration is fixed in a format suitable for making creditors aware of the relevant legislative provisions. They also explain creditors’ rights to seek further information about and challenge the level of remuneration, disbursements and other expenses.
Statement of Insolvency Practice 9 – payments to insolvency office holders and their associates (effective date 1 November 2011) and Statement of Insolvency Practice 7 - presentation of financial information in insolvency proceedings (effective date 2 May 2011) use the expression 'suitable explanatory note' which sets out the rights of creditors. These guides may be used as that explanatory note.
Previous versions of the creditors’ guides formed part of Statement of Insolvency Practice 9.