The Insolvency Practitioners and Insolvency Services Account (Fees) (Amendment) Order 2005

• Citation: S.I. 2005/523
• Sections: 2

Section 1 Citation and Commencement

This Order may be cited as the Insolvency Practitioners and Insolvency Services Account (Fees) (Amendment) Order 2005 and shall come into force on 1st April 2005.

Section 2 Amendments to the Insolvency Practitioners and Insolvency Services Account (Fees) Order 2003

(1) The Schedule to the Insolvency Practitioners and Insolvency Services Account (Fees) Order 2003 shall be amended as set out below.

(2) After paragraph 1(2) there is inserted—

(2A) In this Schedule “working day” means any day other than a Saturday, a Sunday, Good Friday, Christmas Day or a Bank Holiday in England and Wales in accordance with the Banking and Financial Dealings Act 1971 .

(3) For paragraph 1(4) there is substituted—

(4) An account ceases to be maintained with the Secretary of State in the case of a winding up by the court or a bankruptcy where—

(a) the liquidator or the trustee has filed a receipts and payments account with the Secretary of State pursuant to regulation 14 or regulation 28;

(b) the account contains, or is accompanied by, a statement that it is a final receipts and payments account; and

(c) four working days have elapsed since the requirements of paragraphs (a) and (b) have been met,

but an account is revived in the circumstances mentioned in paragraph (5).

(4A) An account ceases to be maintained with the Secretary of State in the case of a voluntary winding up where—

(a) no monies to which that account relates are held in the Insolvency Services Account (other than any unclaimed dividends or any amount that it is impracticable to distribute to creditors or is required for the payment of fees that are or will become payable while the account is maintained); and

(b) notice in writing has been given to the Secretary of State that the account is no longer required and four working days have elapsed since the receipt of that notice by the Secretary of State,

but an account is revived in the circumstances mentioned in paragraph (5).

(4) In paragraph 1(5) for the words “paragraph (4)” there is substituted “paragraphs (4) and (4A)”.