Creditor bankruptcy and liquidation petition deposits to rise
Fees to rise from 1st November 2022
The Insolvency Service is making changes to the deposits paid to initiate creditor bankruptcies and compulsory liquidations following The Insolvency Proceedings (Fees) (Amendment) Order 2022, which was laid in parliament on 5 September 2022.
The fees have not changed since April 2016 and insolvency case numbers have fallen to a historically low level, according to The Insolvency Service, with the majority of the remaining cases having insufficient asset values to recover the administration costs.
The petition deposit is the amount that needs to be paid up-front to seek an order and is set to increase on all cases where a petition is filed at court on or after 1 November 2022.
It should be noted, however, that there will be no change to the adjudicator petition deposit where the individual applies for their own bankruptcy.
Creditors’ bankruptcy petition deposit will rise from to £990 to £1,500, and Company liquidation petition deposit will rise from £1,600 to £2,600.
