Creditor guides to office holder remuneration
The Creditors' Guides to an Office Holder's Remuneration are stand-alone guidance for creditors.
The guides explain the following:
- rights of creditors in respect of an Insolvency Practitioner's (IP) fees
- how an IP is required to seek approval of his fees
- the information an IP is required to provide to creditors
- the options available to a creditor if he wishes to challenge the level of an IP's fees
The guidance is to creditors' rights with regard to Insolvency Practitioners' fees. They are intended to clarify how an Insolvency Practitioner seeks approval of his fees, what information a creditor can expect to receive, and what a creditor can do if he is dissatisfied with the level of a practitioner's fees.
The creditor guides are a supplement to Statement of Insolvency Practice 9 – 'Payments to Insolvency Office Holders and their Associates' (effective 1st June 2012) – which sets out practice with which Insolvency Practitioners are required to comply.