Fees for insolvency professionals must be transparent and invoiced in the professional's name, paid into their bank account. Fees payable to an insolvency professional are part of the insolvency resolution process cost and must be transparent, reasonable, and disclosed to those fixing remuneration. Insolvency professionals and other professionals they appoint must raise invoices in their own names and receive payment into their bank accounts; payments to any person other than the professional do not form part of the insolvency resolution process cost.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Fees for insolvency professionals must be transparent and invoiced in the professional's name, paid into their bank account.
Fees payable to an insolvency professional are part of the insolvency resolution process cost and must be transparent, reasonable, and disclosed to those fixing remuneration. Insolvency professionals and other professionals they appoint must raise invoices in their own names and receive payment into their bank accounts; payments to any person other than the professional do not form part of the insolvency resolution process cost.
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