Insolvency proceedings costs increase

The fees charged by courts and tribunals for insolvency proceedings have increased as of 22 April 2014.

The new charges are as follows:

Type of proceeding Old cost

New cost
as of 22/04/2014

Petition for bankruptcy (presented by debtor) £175 £180
Petition for bankruptcy (presented by creditor/other person) £220 £280
Petition for an administration order £175 £280
Any other petition £220 £280
Request for a certificate of discharge from bankruptcy £70 £70
Copy of a certificate of discharge from bankruptcy £5 £10
Insolvency - other application £155 £280
Winding up fee £155 £160
Filing insolvency documents £35 £50
Application within proceedings (by consent/without notice) £35 £50
Application within proceedings (with notice) £70 £155
Search of bankruptcy and company records (County Court) £45 £45

Last year 14,982 firms went into liquidation, a 7.3 per cent decrease compared to 2012. The level of individual insolvency dropped to its lowest level since 2005.

Earlier this year, the insolvency industry body R3 found that late payment by customers for goods and services was a primary or major factor in 1 in 5 corporate insolvencies.

R3's president, Liz Bingham, said: "Even if a business has a great business model and great products and services, it won't actually be profitable or successful until it gets paid for what it sells. Late payment is a threat that businesses need to take very seriously indeed.

"The late payment problem can have significant knock-on effects within the economy too. The failure of one company can lead to even more unpaid bills and financial problems for others."

Talk to us about cashflow or solvency concerns for your business.