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Bankrupts). If they have a decent to good case a litigation funder may take on the case, charging a percentage of the damages or remedy ultimately achieved.
[See ‘Misfeasance’, ‘Wrongful Trading’, ‘Litigation’, ‘Insolvency Practitioner’ and ‘Bankrupt’.]
One method of calculating the fees of an officeholder is on a ‘time cost basis’. This is where the fees charged are based on: the hours spent on the case multiplied by an hourly rate).
Where remuneration is on a time costs basis, an officeholder should provide a comparison on the actual cost against the fee estimate. The fee estimate cannot be exceeded without further approval.
[See ‘Officeholder’.]
Tipping off is a phrase used in money laundering. As soon as suspicions are reported to the money laundering reporting officer (MLRO) it becomes an offence to ‘tip off’; this is to tell anyone of the suspicions, or of reporting those suspicions.
This means that an insolvency and restructuring firm cannot tell anybody, either within the firm or outside of it, about your suspicions and the referring of the matter to the National Crime Agency (NCA).
If the information is shared in this way it is a criminal offence.
[See ‘Money Laundering Reporting Officer’, ‘MLRO’, ‘National Crime Agency’ and ‘NCA’.]
A transaction at an undervalue (TAAU) is one of the ‘antecedent transactions’ an officeholder (including a Liquidator, Official Receiver, Administrator and Trustee in Bankruptcy) will investigate when seeking to understand the way an insolvent estate has been run and how to possibly increase the funds available to creditors. It is detailed under section 238 Insolvency Act 1986 and is used to investigate whether gifts have been made to a person in an anterior period or relevant
