Independent audit achieves upto 25% repayment of Insolvency Practitioner fees.
"One of the largest full service law firms in the world" states that in the matter of their own and their Insolvency Practitioner clients fees:
"..................parties to costs assessment proceedings rarely obtain full recovery for their fees. They can typically expect to receive ............ a reduction of somewhere between 0-25%"
or in other words an admission that IP's and their solicitors habitually overcharge by upto 25% and just hope to get away with it.
HM Revenue & Customs letter to the same law firm:
"we can see no justification for costs of this magnitude" "HMRC are of the view your costs should be assessed by the Court, as a matter of principle and public interest"
NB: KPMG have still (Nov 2009) neither attempted to resolve the matter, nor explain the £60,000 fees that HMRC say they took relating relating to other estates, in clear and flagrant breach of the Insolvency legislation.
