How much do we charge for our insolvency services?

Our charges depend entirely on what we have to do. Like other insolvency practitioners, our fees are based upon hourly rates, which vary from time to time, although our headline rates have remained unchanged since April 2012. We believe in total transparency in this highly sensitive area and tasks are always performed by the most suitably qualified staff, ensuring that the most appropriate hourly rate is payable.

Fees in all formal insolvency cases are subject to the approval of the creditors of the company, with the exception of Members’ Voluntary Liquidations, where they are approved by the shareholders.

Despite numerous opinions to the contrary, there is no such thing as a one-size-fits-all cost structure for an insolvency process. However, following an initial free consultation, we are invariably able to provide you with a definitive view on costs and in the case of small no-asset liquidations we will carry out the work on a fixed fee basis.

Typically our fees for this sort of work start from £2,500 plus Disbursements and Value Added Tax. Since there will be no funds in the company to pay these costs, they are paid by the directors.

In cases of insolvent companies where there are assets to be realised, our fees will normally be payable out of asset realisations and would be subject to approval by the creditors.

In the case of solvent liquidations (Members Voluntary Liquidations) we invariably agree a fixed fee with the shareholders of the company.

Typically our fees for this type of liquidation start from £2,000 plus Disbursements and Value Added Tax. In cases where the company has been dormant for a number of years, the cost may be lower.

In addition to our fees, we do incur actual costs that we have to pay to third parties. The most significant of these are statutory advertising, and specific penalty bonds. We have a statutory obligation to incur these costs and they are charged in addition to our normal charge out rates. Advertising costs in a straight-forward liquidation (solvent or insolvent) usually amount to a little under £300 at current rates.

Specific penalty bonds are based upon the value of assets and in most small cases this cost is less than £100. However in larger cases it can be considerably more.

We will always ensure that you are made fully aware of the likely costs you will be required to pay before we accept a formal instruction to act.

Click on the tab below to complete our online questionnaire for a free quote or if you prefer, email your enquiry to us, using the form on the “Contact us” tab, or simply call us on 01384 686 800 to talk things through or to arrange a free, initial, no obligation  consultation.