How We Charge
How we charge for our services
To help you understand your options for tackling your insolvency crisis, Atherton Bailey offers a
free initial consultation. In many cases our free advice is enough for people and businesses to start tackling their problems. If this meeting gives you everything you need - or we cannot help you further - you will not be charged anything for our advice.
What happens next?
Where you decide to work with us on a plan to resolve your financial problems, we will send you a
letter of advice. This will set out what we have agreed with you including:
- Our understanding of your circumstances and problems;
- What we can do to help;
- How you will be charged;
- How much you will be charged.
Only when you confirm you accept our letter of advice will we begin formally working for you and will you become liable for fees. However, where we are appointed as an office holder in formal insolvency proceedings (see below), it is likely our costs will be recovered first from a realisation of assets, rather than be paid by you personally.
As insolvency practitioners, our help is divided into informal negotiations and formal insolvency proceedings. These types of help are charged differently.
Our charges in formal insolvency proceedings
We may act as an officeholder appointed in formal insolvency proceedings. This role may include:
- Administrator;
- Liquidator;
- Trustee in bankruptcy;
- Nominee and supervisor of an individual voluntary arrangement or company voluntary arrangement;
As officeholders our fees are regulated. In regard to these costs, we would direct you to the relevant guide to fees from R3, the insolvency industry's professional body. As officeholders we can charge in two ways:
Time cost charging
Time cost charging is traditionally used by professionals, including solicitors and accountants. Atherton Bailey offices have fair and transparent charge out rates which your creditors are likely to approve.
Percentage of assets realised or distributed
More rarely, the officeholder's fees can be based on the level of assets realised or distributed (or both).
In either case, our fees and charges may be subject to assessment by the court and this will take into account:
- Complexity of the case;
- Any exceptional responsibility on the officeholder;
- Officeholder's effectiveness;
- Value and the nature of the assets.
Our charges in informal insolvency proceedings
If you need help to resolve your financial problems, but do not need formal insolvency procedures, we will discuss our fees at or following your free initial consultation. We will update you during the assignment and may render interim bills on account. We can charge in informal proceedings in two ways:
Time cost charging
Before we start work, we will advise you of our charge out rates. Our rates are generally in line with fellow professionals' in similar sized practices. However, because we offer a quality and bespoke service, we believe we represent better value for money.
No-win, no-fee
We can also sometimes accept an appointment on an effective no-win, no-fee basis (also known as conditional fee agreement). If we are unsuccessful in making any recoveries in a case we do not take a fee.
Call us now
We are committed to transparent and fair pricing. To discuss any aspect of our charges or to arrange your free initial consultation please call your local Atherton Bailey office.