Provision for insertion into the Insolvency Regulations 1994

Provision for insertion into the Insolvency Regulations 1994  

PART 5A

INFORMATION ABOUT TIME SPENT ON A CASE TO BE

PROVIDED BY INSOLVENCY PRACTITIONERS TO CREDITORS ETC.

 

36A.

—(1) Subject as set out in this regulation, in respect of any case in which he acts, an insolvency practitioner shall on request in writing made by any person mentioned in paragraph (2), supply free of charge to that person a statement of the kind described in paragraph (3).

(2) The persons referred to in paragraph (1) are—

(a) any creditor in the case;

(b) where the case relates to a company, any director or contributory of that company; and

(c) where the case relates to an individual, that individual.

(2) The statement referred to in paragraph (1) shall comprise in relation to the period beginning with the date of the practitioner’s appointment and ending with the relevant date the following details—

(a) the total number of hours spent on the case by the practitioner or any staff assigned to the case during that period;

(b) the number of individuals engaged in carrying out work in relation to the case during that period;

(c) for each grade of individual so engaged, the average hourly rate at which any work carried out by individuals in that grade is charged; and

(c) the number of hours spent by each grade of staff during that period.

(3) In relation to paragraph (3) the “relevant date ” means the date next before the request on which the practitioner has completed any period in office which is a multiple of six months or, where the practitioner has vacated office, that date that he vacated office.

(4) Where an insolvency practitioner has vacated office, an obligation to provide information under this regulation shall only arise in relation to a request that is made within 2 years of the date he vacates office.

(5) Any statement required to be provided to any person under this regulation shall be supplied within 28 days of the date of the making of the request to the practitioner.

(6) In this Regulation the expression “insolvency practitioner” shall be construed in accordance with section 388 of the Insolvency Act 1986.

(7) This regulation applies to any appointment on or after 1st April 2005