MGA’s practice fee recovery policy

In accordance with best practice set out below are details of the policies of Mark Goldstein Associates Ltd in respect of fees and expenses for work in relation to the above insolvency.

The current charge-out rates per hour of staff within Mark Goldstein Associates Ltd who may be involved in working on the insolvency, follows:

GRADE     £
Officeholder   230
Senior Administrator   180
Junior Administrator   80 to 125

The rates charged by Mark Goldstein Associates Ltd, Robert Denholm House, Bletchingley Road, Nutfield, Surrey RH1 4HW, are reviewed in December and July each year and are adjusted to take account of inflation and the firm’s overheads.

Time spent on casework is recorded directly to the relevant case using a computerised time recording system and the nature of the work undertaken is recorded at that time. Units of time can be as small as 6 minutes under the six categories recommended by the Recognised Professional Bodies who are responsible for licensing and monitoring insolvency practitioners.

Where an officeholder’s remuneration is approved on a time cost basis, the time invoiced to the case will be subject to VAT at the prevailing rate (20% currently).

Where remuneration has been approved on a time costs basis, a periodic report will be provided to any committee appointed by the creditors or in the absence of a committee to the creditors. The report will provide a breakdown of the remuneration drawn and will enable the recipients to see the average rates of such costs.

Other Costs

Where expenses are incurred in respect of the insolvent estate they will be recharged. Such expenses can be divided into two categories.

Category 1

This heading covers expenses where Mark Goldstein Associates Ltd has met a specific cost in respect of the insolvent estate where payment has been made to a third party. Such expenses may include items such as advertising, couriers, travel (by public transport), searches at Companies House, land registry searches, storage of documents, external printing costs, etc. In each case the recharge will be reimbursement of a specific expense incurred.

Where applicable, disbursements will be subject to VAT at the prevailing rate (20% currently).

Category 2

Additionally, there is a recharge of expenses for postage and photocopying incurred by Mark Goldstein Associates Ltd and these are known as category 2 disbursements. Such expenses require the approval of creditors before they can be drawn. The amount charged is:

Postage: – recharged at current postal rates
Photo-copy: – recharged at 10p per single sheets

A further disbursement under this heading is the cost of travel where staff use either their own vehicles or company cars in travelling connected with the insolvency. In these cases a charge of 45p per mile is raised, which is the amount the firm pays to staff

June 2017

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