Court Fees and Other Disbursements

Nominee's Fee

The debtor is required to pay to the nominee's fees and expenses agreed between the Nominee and the debtor. Two Certified Public Accountant will act as debtor's joint and several Nominees . A solicitors firm will be responsible for the legal advice aspect and legal documentations. There professional charges is grouped under this item. For details, please visit Our Professional Fees ? IVA requires implementation and supervision , the administration fee will be charged on a monthly basis depending on the workload.

Court Fee

When applying to the court for an interim order , the debtor has to pay a court fee under Item 12, Table A of the Bankruptcy (Fees and Percentages) (Amendment) Order.

A fee computed at the following rates on the gross amount of the proposal-
(a) on every $1,000 or fraction of $1,000 up to $100,000 .......................... 15.00
(b) on every $1,000 or fraction of $1,000 beyond $100,000 ....................... 7.50

As an example, if the gross amount is $2,000,000, the Court fee will be as follows:
$1,500 + $14,250 = $15,750

Provided that where a fee has been taken on a previous application to the court for an interim order under section 20, or where a fee has been paid under item 9 of Table B, 7/8 of the amount thereof shall be deducted from the fee payable.

For the purpose of calculating this fee, the gross amount means the amount to be provided under the terms of the proposal for ordinary and preferential creditors, and for costs, charges and expenses, and for fees and percentages (other than this fee).

Other Disbursements

This is the out-of-pocket expenses such as photocopying, postage, notice on an English and Chinese newspapers, stationery and travelling expenses spent by the Nominee for the debtor. This amount will not exceed $1,000 (exlusive the newspaper notice).