Secretary of State Charges

strimmerman

Hi,

Could someone explain these to me in terms of repayment of bankruptcy. Are they always payable?

Many thanks

arcon5

What do you mean?

alastairq

..................the costs of administering a bankruptcy?

strimmerman

Fees are apparently payable to the Secretary of State when bankruptcy monies owed are repaid.....this is not the administration of it that is separate. They work on a bizarre % scale as far as I can tell.

I need a seasoned member of the forum who has lots of knowledge here as it seems very complex in what the charges are and I don't understand completely under which circumstances they become payable. I also don't understand in which circumstances they aren't either. Does anyone who has assets that are taken at the point of bankruptcy to make creditor repayments have to pay them...e.g. Property of value, other goods and chattels that the OR can reasonably enforce the sale of....or would it only be in other circumstances such as mine involving after acquired property?

arcon5

There are fees to pay to petition for your own bankruptcy.

If you have a surplus income they may request an IPA/IPO (income payment arrangement / income payment order). Whereby you pay in to it for 36 months based on your agreed expenditure budget - no other fees though.

debt_doctor

Hi,
Last time I looked at this the fees were;


Official receiver fee; £1715.00


Secretary of state fees;
£2,825 on the first £5,200 of realisations then at 15% on any further realisations (the maximum fee is £80,000)


If there is no BR estate ( no assets and no income) then non of the fees are paid ( including ORs fee)


The more assets, the greater the SOS fee.


DD

strimmerman

So DD can you help me further. Or indeed anyone else.

Is the SOS fee always payable when having to settle the balance of a BR Amount outstanding? Are they payable if you are annulling BR? If I have after acquired property and this is being used to settle the BR amount is that basically treated as an annulment? I am unclear on that. If not then can I apply for an annulment, what fees does this attract? I am able to satisfy the criteria of the fact I have the money ready and waiting to pay everyone and I can't find anywhere that there is a time limit on applying for one. Basically I am trying to find out if there is anyway I can avoid the SOS as the OR has made a boo boo....quoting a settlement figure just before Xmas which couldn't be completed due to holidays and then popping back up and saying oops we made a mistake the amount is not that we forgot the SOS fee was payable. It would have been true irony if Chris as hadn't come in the middle as the amount would have been settled and potentially I could have had the residual amount spent have no way of paying the SOS and have the OR making me BR lol.

Thanks in advance

JCS1

SOS fees are payable, along with any out of pocket expenses incurred by the OR (such as drive by valuations, etc).

strimmerman

Payable in all circumstances.....no drive by there was nothing to drive by lol