BK Plus Limited - Practice Fees and Expenses Policy

Fees

Details about how an office holder’s fees may be approved for each case type are available in a series of guides issued with Statement of Insolvency Practice 9 (SIP 9) “Payments to Insolvency Office Holders and their Associates from an Estate” and can be accessed at:

https://www.r3.org.uk/what-we-do/publications/professional/fees

Alternatively, a hard copy may be requested from BK Plus Limited, Azzurri House, Walsall Business Park, Walsall Rd, Walsall WS9 0RB or by email from info@bkplus.com.

Further information about creditors’ rights can be obtained by visiting the creditors’ information microsite published by the Association of Business Recovery Professionals (R3) at:

http://www.creditorinsolvencyguide.co.uk

Charge Out Rates

When charging fees on a time cost basis, charge out rates appropriate to the experience, skills and specialist knowledge of a member of staff are utilised.  Time spent is recorded in 6-minute units directly to the relevant case using time recording software.  The nature of the work undertaken is also recorded at that time.

Time spent is recorded under the following categories:

  • Administration (including statutory reporting)
  • Realisation of assets
  • Creditors (claims and distribution)
  • Investigations
  • Trading
  • Case specific matters (where applicable)

The hourly charge out rates (exclusive of VAT) for each member of staff that may be involved in the assignment are as follows:

Grade of Staff

Charge Out Rates

effective from 1 June 2021

Office Holder£400
Case Manager£300
Case Administrator£200
Support Staff£100

Charge out rates are reviewed periodically and may be subject and may be subject to change.

Should it be necessary for members of staff from other departments to undertake tasks on an assignment, their charge out rate in effect at that time will be used.

Case Staff Allocation

Tasks relevant to an assignment will be delegated to the most appropriate member of staff taking into account their experience, skills, specialist knowledge and availability.  More senior members of staff deal with the more complex tasks or tasks of greater significance. 

Expenses

Expenses are payments from an estate which are neither office holder’s remuneration nor a distribution to a creditor or a member.

Expenses also includes disbursements. Disbursements are payments which are first met by the office holder, and then reimbursed to the office holder from the estate.

Expenses are divided into those that do not need approval before they are charged to the estate (Category 1) and those that do (Category 2).

Category 1 expenses

Category 1 expenses are payments to persons providing a service to which the expense relates who are not an associate of the office holder.  Category 1 expenses can be paid without prior approval.

Examples of Category 1 expenses are as follows (please note that the list is not exhaustive):

  • Professional advice (legal fees and disbursements, agent’s fees, pension advisors etc.)
  • Statutory advertising costs
  • Specific penalty bond
  • Asset insurance
  • Books and records storage

Category 2 expenses

These are payments to associates or which have an element of shared costs.  Before being paid, category 2 expenses require approval in the same manner as an office holder’s remuneration. Category 2 expenses require approval whether paid directly from the estate or as a disbursement.

Whilst it is not this firms policy to charge category 2 expenses, if this is considered necessary on an appointment, the relevant stakeholders will be notified and the necessary approval sought.

Provision of Services Regulations

The following information is designed to draw the attention of interested parties to the information required to be disclosed by the Provision of Services Regulations 2009.

Trading Name – BK Plus Limited

Registered Company Number – 09701168

Registered Office – Azzurri House Walsall Road, Aldridge, Walsall, England, WS9 0RB

Registered in England and Wales

Licensing Body

Richard Tonks and Kim Richards are licensed to act as Insolvency Practitioners in the United Kingdom by the Institute of Chartered Accountants in England and Wales (“ICAEW”).

Rules Governing Actions

All Insolvency Practitioners are bound by the rules of their professional body, including any that relate specifically to insolvency. The rules of the professional body that licences Richard Tonks and Kim Richards can be found at https://www.icaew.com/regulation/insolvency/sips-regulations-and-guidance

In addition, Insolvency Practitioners are bound by the Statements of Insolvency Practice (SIPs), details of which can be found at https://www.r3.org.uk/technical-library/england-wales/sips

Complaints

At BK Plus Limited we always strive to provide a professional and efficient service. However, we recognise that it is in the nature of insolvency proceedings for disputes to arise from time to time. As such, should you have any comments or complaints regarding the administration of a particular case then in the first instance you should contact the Insolvency Practitioner acting as office holder.

If you consider that the Insolvency Practitioner has not dealt with your comments or complaint appropriately you should then put details of your concerns in writing to Shaun Knight at BK Plus Limited, Azzurri House, Walsall Business Park, Walsall Rd, Walsall WS9 0RB.  This will then formally invoke our complaints procedure and we will endeavour to deal with your complaint under the supervision of a senior member of staff unconnected with the appointment.

Most disputes can be resolved amicably either through the provision of further information or following negotiations. However, in the event that you have exhausted our complaints procedure and you are not satisfied that your complaint has been resolved or dealt with appropriately, you may complain to the regulatory body that licences the insolvency practitioner concerned. Any such complaints should be addressed to The Insolvency Service, IP Complaints, 3rd Floor, 1 City Walk, Leeds, LS11 9DA, and you can make a submission using an on-line form available at www.gov.uk/complain-about-insolvency-practitioner; or you may phone 0300 678 0015. Information on the call charges that apply is available at https://www.gov.uk/call-charges.

Ethics

All Insolvency Practitioners are required to comply with the Insolvency Code of Ethics and a copy of the Code can be found at which the Code of Ethics can be found at https://www.icaew.com/regulation/insolvency/sips-regulations-and-guidance/insolvency-code-of-ethics

Bribery Act 2010

It is our policy to conduct all of our business in an honest and ethical manner.  We take a zero tolerance approach to bribery and corruption and are committed to acting professionally, fairly and with integrity in all our business dealings and relationships wherever we operate and implementing and enforcing effective systems to counter bribery and corruption.

We will uphold all laws relevant to countering bribery and corruption in all the jurisdictions in which we operate.  However, we remain bound by UK laws, including the Bribery Act 2010, in respect of our conduct both at home and abroad.

Data Protection Act and Privacy Policy

You can find information on how BK Plus Limited uses your personal information at  https://bkplus.co.uk/privacy-policy 

Professional Indemnity Insurance

BK Plus Limited’s Professional Indemnity Insurance is provided by QBE European Operations, 30 Fenchurch Street, London, EC3M 3BD. This professional indemnity insurance provides worldwide coverage, excluding United States of America and Canada.

VAT

BK Plus Limited is registered for VAT under registration number 372 2194 05.