Insolvency fees to be capped

 Government to cap insolvency fees

The government is to impose a cap on the fees that can be charged by administrators to collapsed companies after creditors complained of excessive charges. New rules presented before parliament yesterday mean that administrators and other practitioners who oversee insolvencies will provide an upfront summary of their estimated costs in future. They also will provide advance detail on the work they plan to carry out and how long they believe it will take. The Insolvency Service, which will preside over the changes, says administrators charge hourly rates that average £375 at present report Harris & Co accountants Northampton