Overview

Insolvency practitioners have been eagerly awaiting the implementation on 6 April 2010 of the Insolvency (Amendment) Rules 2010. In addition to the many modernising changes made by the new rules is the long-awaited inclusion of what was believed to be a statutory entitlement to recover pre-appointment costs such as in negotiating a pre—pack as an expense of the administration.

New Rule 2.33(2A) provides that “pre-administration costs are (i) fees charged, and (ii) expenses incurred, by the administrator or another person qualified to act a an insolvency practitioner, before the company entered into administration but with a view to its doing so.”

This briefing by Hammonds takes a closer look at the new legislation and asks, in particular, how they will affect UK insolvency practitioners.

Click “view briefing” to read more.