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Fees Review 2015 Overview

Fees Review 2015 Overview. Alex Reid 14 July 2014. Background. Previous Fees Regulations Introduced on 1 June 2012 Further Review Required – BADA(S) Bill Changes Introduction of Minimal Asset Product (MAP) Opportunity to Revise and Simplify Fees Regulations

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Fees Review 2015 Overview

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  1. Fees Review 2015Overview Alex Reid 14 July 2014

  2. Background • Previous Fees Regulations Introduced on 1 June 2012 • Further Review Required – BADA(S) Bill Changes • Introduction of Minimal Asset Product (MAP) • Opportunity to Revise and Simplify Fees Regulations • Continuing Commitment to Full Cost Recovery • Meet obligations made during Bill • Take account of Comparison of International Administrations – Utilising IAIR Survey

  3. Full Cost Recovery – Recent Progress

  4. Fees Review 2015/16 Key Elements of Fees Review Project • Forecast Volumes • Bankruptcy • MAP • Debtor Applications • Creditor Petitions • Forecast AiB and Private Trustee Administration • Protected Trust Deeds Activity • AiB Operating Costs – Insolvency (Excluding DAS and Policy Development)

  5. Fees Review – Recommendations Recommendations of Fees Review • MAP – Application Fee set at £90 • Debtor Application Fee – no increase in £200 fee. • Fixed Fee approach for AiB Administration and Trustee Supervision in Bankruptcy • Asset Realisation/Contributions Commissions Remain Unchanged • Fees for determination of accounts remain unchanged • PTD fee structure remains unchanged • Administration of Petitions - Fees unchanged

  6. Fees Review – Recommendations Recommendations of Fees Review - Continued • Fees Removed - Simplification • AiB Hourly Rates • Registering Award of Sequestration • Existing Supervision Fees • Supervising Dividend to Creditors • Sederunt Book • Reports to Court • Discharge Certificate • Certified Copy of RoI • Providing Copies of Documentation • Bankruptcy Restriction Undertaking • Petitioning for Replacement Trustee

  7. Fees Review – Recommendations Recommendations of Fees Review - Continued • New Fixed Fees • Trustee Supervision – Annual Fee approach (similar to Protected Trust Deeds) - £70 per year (£50 if Commissioner in post). • AiB Administration – Fixed fee of £1,100 per case. • No fee for handling review requests • Small fee for AiB decisions on appointment/replacement of trustee, recall applications and curing a defect in procedure • Lower fee than court existing application

  8. Fees Review – UK Comparison • Bankruptcy – England & Wales • Fixed Fee approach - £1,850 per case • Additional time/line fees • Fees charged on asset realisation • Commissions on £10,000 asset realisation • Scotland - £1,500 • England & Wales - £3,545 • Commissions on £10,000 contributions • Scotland - £2,500 • England & wales - £3,545

  9. THANK YOU Alex Reid, Head of Operational Policy and Compliance 0300 200 2695, alex.reid@aib.gsi.gov.uk 1 Pennyburn Road, Kilwinning, Ayrshire, KA13 6SA T 0300 200 2600 F 0300 200 2601 W www.aib.gov.uk

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