Specialist Services For Insolvency Practitioners
Insolvency practitioners
Practitioners will know that the following rules apply to the Administrator’s remuneration…
The basis for fixing the administrator’s remuneration is set out in Rule 18.16 of The Insolvency (England and Wales) Rules 2016, which states that it must be fixed:
- as a percentage of the value of the property with which the administrator has to deal,
- by reference to the time properly given by the administrator and his staff in attending to matters arising in the administration, or
- as a set amount.
Any combination of these bases may be used to fix the remuneration, and different bases may be used for different things done by the administrator. Where the remuneration is fixed as a percentage, different percentages may be used for different things done by the administrator.
Extract from Section 11 of ICAEW: INSOLVENCY GUIDANCE NOTE
STATEMENT OF INSOLVENCY PRACTICE 2 (E & W): A LIQUIDATOR’S INVESTIGATION INTO THE AFFAIRS OF AN INSOLVENT COMPANY- ENGLAND AND WALES
MATTERS FOR DETAILED INVESTIGATION
Records
Can changes in the financial position of the company be satisfactorily accounted for from the records of the company (including, inter alia, bank statements) covering the period since the date of the last audited or filed accounts, or if none since the incorporation of the company? Is there is a material difference between the deficiency disclosed in the statement of affairs and the last audited or filed accounts, or, if none, since the last management accounts or since the incorporation of the company, after taking into account matters such as writing down asset values? If so, consideration may be given to the preparation of trading and profit and loss accounts for the final trading period.
Our service
At PDM we provide a service which enables practitioners to efficiently and accurately comply with the above guidance.
We extract the transaction data from paper or digital bank statements into an Excel spreadsheet format. We then ensure that all data extracted is checked, including the text descriptions, transaction dates, and the balances reconciled.
All parts of the service are performed in house. Your data is processed and is stored on secure servers and cloud systems located and hosted in the United Kingdom for compliance and peace of mind.
Our fees for this service are a Category 1 expense.
