LEGAL NOTICES

WEBSITE
 
You assume total responsibility and risk for any use you make of this website. Whilst we take care in the research, preparation and accuracy of this website and its facilities, we provide the site for general guidance and information only. We do not make any express or implied warranties, representations or endorsements whatsoever with regard to any service or product mentioned on the site or on the internet generally, and we shall not be liable for any cost or damage arising either directly or indirectly from any such usage. Information on this site is written in general terms and should not be relied upon or used as a substitute for professional advice with respect to a specific set of circumstances.
 
THE FIRM
 
Herron Fisher is a partnership whose head office is at Satago Cottage, 360a Brighton Road, Croydon CR2 6AL.
 
Our VAT number is 877 6471 67.
 
Our partners are authorised to act as Insolvency Practitioners in the UK by the Insolvency Practitioners Association.
 
We are authorised by the Financial Conduct Authority (registration number FRN662057).
 

PRIVACY POLICY

This Privacy Notice sets out the categories of personal data we may ask you to supply, why we need that data, how we will use it and how long we will retain it.

We are a data controller for the purpose of all personal data we process.

Herron Fisher has been registered (with the Information Commissioner’s Office) to hold and use data pursuant to the Data Protection Act since the firm was formed (registration number Z9407077).  This registration carries over automatically to cover data we will now hold and use subject to the new General Data Protection Regulation (GDPR).

We attempt to draw this Privacy Notice to the attention of all relevant parties and should you engage our services we will take it to mean that you are satisfied with its contents. Should you have any concerns or wish to discuss the contents of this notice further, please contact us.

We may update this notice from time to time and we recommend you refer to it regularly on our website.

The GDPR defines a data controller as:

“the natural or legal person, public authority, agency or other body which, alone or jointly with others, determines the purposes and means of the processing of personal data; where the purposes and means of such processing are determined by Union or Member State law, the controller or the specific criteria for its nomination may be provided for by Union or Member State law”

Insolvency Practitioners process data as office holders.  We deal with personal data relating to creditors, employees, directors, shareholders and insolvent debtors.  We might possibly also deal with data relating to a debtor’s family members.  We might also process personal data on staff working within corporate entities, for example emails containing names, email addresses and telephone numbers, sufficient to identify the individual.

We do not become the data controller for the personal data contained in the insolvent estate’s books and records.  For example, a liquidator is not the data controller in relation to data processed by the company prior to liquidation.

The legal basis for processing

The general legal bases for processing data as a data controller are as follows.

  • We have the data subject’s consent – this is not usually necessary for us to have when our Insolvency Practitioners are in office, or are intended to be so
  • The data is necessary to perform a contract – again, this is not relevant for an office holder, but it may be relevant for other work we do (ie personal data we process) outside of a formal appointment
  • It is necessary for us to hold the data for compliance with a legal obligation – this is clearly relevant to us as office holders
  • It is necessary for us to hold the data to protect individuals’ vital interests – this is very unlikely to be the case
  • It is necessary for us to hold the data to perform a task in the public interest – this might be relevant for office holders
  • It is necessary for us to hold the data for legitimate interests – creditors and others have a legitimate interest in being kept informed and engaging in an insolvency process, so this is relevant

The purposes of the processing

We process data for a wide range of purposes, not only formal insolvency appointments, but also to deliver other services to clients.  We also hold data for marketing purposes and for running our business.

The types of personal data we might need

We only collect the personal data necessary to fulfil our functions as set out above.

Categories of personal data we may collect might include someone’s identification details (eg name, address, telephone number and email address) and their bank details and/or information about their finances.

We hold copy passports and other documentation relating to directors, shareholders and individual debtors.  Usually this is to comply with Anti Money Laundering Regulations.

We do not seek to obtain personal data that falls outside the scope of this Privacy Notice and we kindly request that individuals do not furnish us with any unnecessary personal data.

In accordance with data protection legislation we may destroy personal data supplied to us where we do not believe we have a sufficient legal basis to retain it. It is important that the personal data we hold about you is accurate and current.  Please keep us informed if your personal data changes during your relationship with us.

Third party processors

From time to time, we may transfer your personal data to our third party data processors. Processors have obligations under the data protection legislation with regards to your data as well as obligations in accordance with their contractual relationship with us.  We require all third parties to respect the security of your personal data and to treat it in accordance with the law.  We do not allow our third-party service providers to use your personal data for their own purposes and only permit them to process your personal data for specified purposes and in accordance with our instructions. These third-party data processors include:

Our professional legal advisers

Our IT service providers

Third party payroll providers

Third parties involved in hosting or organising events or seminars where you have informed us you wish to attend.

Marketing

Where we have already provided you with our services in some way we may contact you with regards to other services, promotions or events that we believe you may be interested in.  If you do not wish to hear from us, please let us know.

If you have given us your consent to contact you by email or other means for marketing purposes we will only use the personal data provided for this purpose and your details will not be passed to any third parties. You have the right to withdraw your consent for processing at any time and should you wish to do so, please contact us or follow the unsubscribe option in the email you receive.  Once we have received notification that you have withdrawn your consent, we will no longer contact you for marketing purposes and, subject to our retention policy, we will dispose of your personal data securely.

Retaining your personal data

We have legal obligations as a firm, an employer and a provider of insolvency services to retain records containing personal data, even after the main purpose of a relationship has ended, for example where the case has been closed.  We are required, for instance, to retain our case files for 6 years after closure.  For all personal data, once our obligation to retain the data ceases, we will cease processing and destroy it.

To determine the appropriate retention period for other personal data, we consider the amount, nature, and sensitivity of the personal data, the potential risk of harm from unauthorised use or disclosure of your personal data, the purposes for which we process your personal data and whether we can achieve those purposes through other means, and the applicable legal requirements.  We maintain appropriate security measures to prevent the misuse, loss or disclosure of personal data.

This notice is relevant whether your personal data was obtained directly from you or where your information was provided to us by a third party.

Your rights

In general terms, you have the right to access the personal data we hold for you.  It is always much more efficient, however, if you need a specific piece of information, to simply ask for that rather than make a blanket request.  You also have the right to request that your personal data be rectified or erased; however, we cannot do this if we need the data for the purposes mentioned above.  You will not usually have to pay a fee to access your personal data (or to exercise any of the other rights).  We are permitted to charge a reasonable fee if your request is clearly unfounded, repetitive or excessive.  Alternatively, we may refuse to comply with your request in these circumstances.  You have the right to make a complaint at any time to the Information Commissioner’s Office (ICO), the UK supervisory authority for data protection issues (www.ico.org.uk).  We would, however, appreciate the chance to deal with your concerns before you approach the ICO so please contact us in the first instance.


INFORMATION REQUIRED UNDER THE PROVISION OF SERVICES REGULATIONS 2009
 
In order to comply with the Provision of Services legislation, the practice’s professional indemnity insurance is provided by Allied World Assurance Company (Europe) PLC via Willis Ltd of The Willis Building 51 Lime Street London EC3M 7DQ. This professional indemnity insurance provides worldwide coverage, excluding professional business carried out from an office in the United States of America or Canada, and any action for a claim brought in any court in the United States of America or Canada.
 
Our Insolvency Practitioners are bound by the Insolvency Code of Ethics, which can be found
in this document: 'Ethics Code for Members Jan 2014.pdf', when carrying out all professional work relating to an insolvency appointment. They are also bound by the regulations of their professional body which can be found here: IPA Regulation Guidance
 
COMPLAINTS PROCEDURE
 
At Herron Fisher 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. If you should have cause to complain about the way that we are acting, you should, in the first instance, put details of your complaint in writing to The Partners at Herron Fisher, Satago Cottage, 360a Brighton Road, Croydon CR2 6AL. This will formally invoke our complaints procedure and we will endeavour to deal with your complaint swiftly.
 
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; or you may email ip.complaints@insolvency.gsi.gov.uk; or you may phone 0845 602 9848 - calls are charged at between 1p and 10.5p per minute from a land line; for mobiles, between 12p and 41p per minute if you are calling from the UK.
 
Should your complaint relate to the very small range of matters that fall under the supervision of the Financial Conduct Authority, then you have a right to complain to the Financial Ombudsman Service (FOS) in the event that we have not dealt satisfactorily with your complaint within a period of 8 weeks. The FOS may be contacted via www.financial-ombudsman.org.uk; or you may email complaint.info@financial-ombudsman.org.uk; or you may phone 0300 123 9 123.
 
Our complaints procedure does not affect any legitimate right of legal action you may have against us.

PRACTICE FEE RECOVERY POLICY

Introduction

The insolvency legislation was changed in October 2015, with one or two exceptions, for insolvency appointments made from that time.  This sheet explains how we intend to apply the alternative fee bases allowed by the legislation when acting as office holder in insolvency appointments.  The legislation allows different fee bases to be used for different tasks within the same appointment.  The fee basis, or combination of bases, set for a particular appointment is/are subject to approval, generally by a committee if one is appointed by the creditors, failing which the creditors in general meeting, or the Court. 

Further information about creditors’ rights can be obtained by visiting the creditors’ information micro-site published by the Association of Business Recovery Professionals (R3) at http://www.creditorinsolvencyguide.co.uk/.  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) and can be accessed at www.herronfisher.co.uk.  Alternatively a hard copy may be requested from Herron Fisher at Satago Cottage, 360a Brighton Road, Croydon, CR2 6AL. Please note that we have provided further details in this policy document.

Once the basis of the office holder’s remuneration has been approved, a periodic report will be provided to any committee and also to each creditor. The report will provide a breakdown of the remuneration drawn.  If approval has been obtained for remuneration on a time costs basis, i.e. by reference to time properly spent by members of staff of the practice at our standard charge out rates, the time incurred will also be disclosed, whether drawn or not, together with the average, or “blended” rates of such costs.  Under the legislation, any such report must disclose how creditors can seek further information and challenge the basis on which the fees are calculated and the level of fees drawn in the period of the report.  Once the time to challenge the office holder’s remuneration for the period reported on has elapsed, then that remuneration cannot subsequently be challenged.

Under some old legislation, which still applies for insolvency appointments commenced before 6 April 2010, there is no equivalent mechanism for fees to be challenged.

Time cost basis

When charging fees on a time costs basis we use charge out rates appropriate to the skills and experience of a member of staff and the work that they perform.  This is combined with the amount of time that they work on each case, recorded in 6 minute units with supporting narrative to explain the work undertaken.

Chargeout Rates

Grade of staff

 

Current charge-out rate per hour, effective from 1 April 2018

£

Previous charge-out rate per hour, effective from 1 April 2017

£

Partner – appointment taker

Manager

Case Administrator

 

330

225-250

150-220

325

225-250

150-200

These charge-out rates charged are reviewed on 1 April each year and are adjusted to take account of inflation and the firm’s overheads.

Time spent on casework is recorded directly to the relevant case using a computerised time recording system and the nature of the work undertaken is recorded at that time. The work is generally recorded under the following categories:

  • Administration and Planning.
  • Investigations.
  • Realisation of Assets. 
  • Creditors.
  • Trading
  • Case specific matters.

 

In cases where we were appointed prior to 1 October 2015, most of our fees were recovered on a time costs basis and appropriate authority was obtained from the creditors or the committee as set down in the legislation. 

When we seek time costs approval we have to set out a fees estimate.  That estimate acts as a cap on our time costs so that we cannot draw fees of more than the estimated time costs without further approval from those who approved our fees.  When seeking approval for our fees, we will disclose the work that we intend to undertake, the hourly rates we intend to charge for each part of the work, and the time that we think each part of the work will take.  We will summarise that information in an average or “blended” rate for all of the work being carried out within the estimate.  We will also say whether we anticipate needing to seek approval to exceed the estimate and, if so, the reasons that we think that may be necessary.

The disclosure that we make should include sufficient information about the insolvency appointment to enable you to understand how the proposed fee reflects the complexity (or otherwise) of the case, any responsibility of an exceptional kind falling on the office holder, the effectiveness with which the office holder has carried out their functions, and the value and nature of the property with which the office holder has to deal.

If we subsequently need to seek authority to draw fees in excess of the estimate, we will say why we have exceeded, or are likely to exceed the estimate; any additional work undertaken, or proposed to be undertaken; the hourly rates proposed for each part of the work; and the time that the additional work is expected to take.  As with the original estimate, we will say whether we anticipate needing further approval and, if so, why we think it may be necessary to seek further approval.

Percentage basis

The legislation allows fees to be charged on a percentage of the value of the property with which the office holder has to deal (realisations and/or distributions).  Different percentages can be used for different assets or types of assets.   In cases where we were appointed prior to 1 October 2015, most of our fees were recovered on a time costs basis and appropriate authority was obtained from the creditors or the committee as set down in the legislation.  The legislation changed on 1 October 2015 and we now seek remuneration on a percentage basis more often.  A report accompanying any fee request will set out the potential assets in the case, the remuneration percentage proposed for any realisations and the work covered by that remuneration, as well as the expenses that will be, or are likely to be, incurred.  Expenses can be incurred without approval, but must be disclosed to help put the remuneration request into context. 

The percentage approved in respect of realisations will be charged against the assets realised, and where approval is obtained on a mixture of bases, any fixed fee and time costs will then be charged against the funds remaining in the liquidation after the realisation percentage has been deducted. 

The disclosure that we make should include sufficient information about the insolvency appointment to enable you to understand how the proposed fee reflects the complexity (or otherwise) of the case, any responsibility of an exceptional kind falling on the office holder, the effectiveness with which the office holder has carried out their functions, and the value and nature of the property with which the office holder has to deal.

If the basis of remuneration has been approved on a percentage basis then an increase in the amount of the percentage applied can only be approved by the committee or creditors (depending upon who approved the basis of remuneration) in cases where there has been a material and substantial change in the circumstances that were taken into account when fixing the original level of the percentage applied.  If there has not been a material and substantial change in the circumstances then an increase can only be approved by the Court.

Fixed fee

The legislation allows fees to be charged at a set amount.  Different set amounts can be used for different tasks.   In cases where we were appointed prior to 1 October 2015, most of our fees were recovered on a time costs basis and appropriate authority was obtained from the creditors or the committee as set down in the legislation.  The legislation changed on 1 October 2015 and we now seek remuneration on a fixed fee basis more often.  A report accompanying any fee request will set out the set fee that we proposed to charge and the work covered by that remuneration, as well as the expenses that will be, or are likely to be, incurred.  Expenses can be incurred without approval, but must be disclosed to help put the remuneration request into context. 

The disclosure that we make should include sufficient information about the insolvency appointment to enable you to understand how the proposed fee reflects the complexity (or otherwise) of the case, any responsibility of an exceptional kind falling on the office holder, the effectiveness with which the office holder has carried out their functions, and the value and nature of the property with which the office holder has to deal.

If the basis of remuneration has been approved on a fixed fee basis then an increase in the amount of the fixed fee can only be approved by the committee or creditors (depending upon who approved the basis of remuneration) in cases where there has been a material and substantial change in the circumstances that were taken into account when fixing the original level of the fixed fee.  If there has not been a material and substantial change in the circumstances then an increase can only be approved by the Court.

Members’ voluntary liquidations and Voluntary Arrangements

The legislation changes that took effect from 1 October 2015 did not apply to members’ voluntary liquidations (MVL), Company Voluntary Arrangements (CVA) or Individual Voluntary Arrangements (IVA).  In MVLs, the company’s members set the fee basis, often as a fixed fee.  In CVAs and IVAs, the fee basis is set out in the proposals and creditors approve the fee basis when they approve the arrangement. 

All bases

With the exception of Individual Voluntary Arrangements and Company Voluntary Arrangements which are VAT exempt, the officeholder’s remuneration invoiced to the insolvent estate will be subject to VAT at the prevailing rate.

Agent’s Costs

Charged at cost based upon the charge made by the Agent instructed, the term Agent includes:

  •  Solicitors/Legal Advisors
  • Auctioneers/Valuers

  • Accountants

  • Quantity Surveyors

  • Estate Agents

  • Other Specialist Advisors

In new appointments made after 1 October 2015, the office holder will provide details of expenses to be incurred, or likely to be incurred, when seeking fee approval.  When reporting to the committee and creditors during the course of the insolvency appointment the actual expenses incurred will be compared with the original estimate provided.

Disbursements

In accordance with SIP 9 the basis of disbursement allocation in respect of disbursements incurred by the Office Holder in connection with the administration of the estate must be fully disclosed to creditors.  Disbursements are categorised as either Category 1 or Category 2. 

Category 1 expenses are directly referable to an invoice from a third party, which is either in the name of the estate or Herron Fisher; in the case of the latter, the invoice makes reference to, and therefore can be directly attributed to, the estate.  These disbursements are recoverable in full from the estate without the prior approval of creditors either by a direct payment from the estate or, where the firm has made payment on behalf of the estate, by a recharge of the amount invoiced by the third party.  Examples of category 1 disbursements are statutory advertising, external meeting room hire, external storage, specific bond insurance and Company search fees.

Category 2 expenses are incurred by the firm and recharged to the estate; they are not attributed to the estate by a third party invoice and/or they may include a profit element.  These disbursements are recoverable in full from the estate, subject to the basis of the disbursement charge being approved by creditors in advance. Examples of category 2 disbursements are photocopying, internal room hire, internal storage and mileage.

It is proposed that the following Category 2 disbursements are recovered:

Mileage                                                                                    50p per mile

Storage                                                                                    £1 per box per month

Photocopying                                                                        10p per sheet