COSTS AND FEES
The costs of an administration are made up with the following types of costs:
Costs of Administration
Administrator’s fees : split between pre appointment fees and post appointment fees. These are usually based on an hourly rate and charged based on the time spent.
Agent’s fees : typically incurred for using a solicitor to advise on legal issues and a commercial property agent or plant machinery agent to value and dispose of assets. Agents usually work on a percentage basis of the asset value or on time cost basis based on an hourly rate.
Disbursements – this includes the statutory bond that every Administrator must pay for on each case plus any statutory advertising. It may also include postage and travel costs.
All of the above costs are paid before any payment is made to secured or unsecured creditors. In some cases where there are insufficient funds (assets in the case) then the Administrator and the agent will not be paid in full.
David Kirk did exactly what he said he would. I’d be lost without Administration. Without David, we would have gone bankrupt by now. Really good