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This guidance describes the general functions of Accountant in Bankruptcy, interim trustees, trustees and commissioners in relation to their responsibilities regarding bankruptcies which started on or after 30 November 2016.
If the trustee wants to have their accounts determined, but their remuneration and liability for the audit fee in respect of this period not fixed until a later accounting period, they should make this request on BASYS when submitting the account.
A SIP9 must be submitted with the account to show the amount of remuneration that has been incurred by the trustee during the period. Only the remuneration stated at the time of the account submission will be considered under section 133(4) of the Act.
The determination issued will show the trustee’s remuneration has been fixed at nil with a statement advising:
‘The Accountant may at a later accounting period adjust the amount of remuneration fixed in respect of this accounting period, in accordance with Section 133(4) of the Act.’
When the trustee wants their remuneration for a previous period to be fixed they should make the request on BASYS when submitting the relevant account.
The determination issued will show the trustee’s remuneration as the total of the amount fixed for the current period, together with the amount fixed for the previous period(s).
The appeal rights for the fixing of the remuneration, for all periods included in the determination, will now be within the timescales relevant to the current accounting period.
When the sum found due to the trustee includes such an adjustment, it will be the responsibility of the trustee to fully disclose this information to the debtor and creditors in the circular intimating the amount of remuneration fixed.
Please note that the Accountant also reserves the right to adjust the remuneration for a current period, if after investigation, they believe an amount of remuneration fixed for a previous period has been proved to be inappropriate.