The Insolvency Service has recently announced their proposal to increase the cost of deposits payable on creditors’ bankruptcy and winding-up petitions which are presented on or after 1st November 2022.
The proposal is as follows:
Bankruptcy Petition deposit increasing from £990 to £1,500
Winding-up Petition deposit increasing from £1,600 to £2,600
If the proposed changes are approved it will mean the overall fee to issue petitions (including the court fee) will be:
Bankruptcy Petitions - increase from £1,292 to £1,802
Winding-up Petitions - increase from £1,902 to £2,902
“Cash flow is a reality” - late payment can cause considerable cash flow issues for your business, especially when the late payers are large customers. This hike in fees might deter businesses from considering presenting winding-up or bankruptcy petitions. Our specialised Debt Recovery team are recommending that you review your ledgers and take action against your debtors NOW so as to benefit from the current fees, before the increase to the deposits kicks in.
Our team are here to assist you with any collections and/or advice. We offer a very efficient and cost effective debt recovery service, on standard fixed charges.
Our services include:
· Sending letters before action;
· Issue of Court proceedings;
· Enforcement of Judgments;
· Bankruptcy and Winding-up proceedings;
For all enquiries please contact our Debt Recovery team on 0118 952 7204 or by email at [email protected]. Alternatively, please contact our Head of Debt Recovery, Donna Goddard on 0118 952 7173 or at [email protected] to discuss your needs.
Consistent with our policy when giving comment and advice on a non-specific basis, we cannot assume legal responsibility for the accuracy of any particular statement. In the case of specific problems we recommend that professional advice be sought.