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1 MR STEPHEN BARON SUBJECT TO AN INDIVIDUAL VOLUNTARY ARRANGEMENT JOINT SUPERVISOR'S ANNUAL REPORT PURSUANT TO RULE 531A(4) OF THE INSOLVENCY RULES 1986 This document may not be copied reproduced republished downloaded posted broadcast or transmitted in any way except for your own personal use Prior consent must be obtained for any other use of this material

2 Mr Stephen Baron Joint Supervisors : Date of Appointment : Period of Report : Anthony Peter Davidson & Stephen Blandford Ryman 201" April th April 2013 to 19th April 2014 This is the Joint Supervisors ' second Annual Report of the progress and efficacy of the Individual Voluntary Arrangement ( " IVA " ) of Mr Stephen Baron ( ' the Debtor ' ) pursuant to Rule 5 31A(4) of the Insolvency Rules 1986 A Receipts & Payments account for the period 201h April 2013 to 19th April 2014 is attached and my comments are as follows: EXCLUDED ASSETS Saab ( Motor Vehicle Registration Number : J575 DYM ) Creditors will recall that this particular asset was excluded from the IVA and as such there shall be no realisations in this respect 100 Ordinary Santander Shares The IVA Proposal stated that this particular asset would be excluded from the IVA however the Debtor advised that this asset could be cashed in order to finance the formal legal advice that would be required with regards to the potential negligence claim of which further information is contained within this report Please note that these shares have not been realised to date 93 Ordinary British Gas Shares The IVA Proposal stated that this particular asset would be excluded from the IVA however the Debtor advised that this asset could be cashed in order to finance the formal legal advice that would be required with regards to the potential negligence claim of which further information is contained within this report Please note that these shares have not been realised to date RECEIPTS 50% Interest in Timeshare Scheme The IVA Proposal advised that the Debtor was a 50% owner of a timeshare scheme and the Debtor's share was valued at approximately 500 As detailed in my first Annual Report I confirmed that 500 had been rece ived with regards to the realisation of this particular asset following the purchase of this asset by the Debtor ' s wife on 10 th July 2012 Please note that no further funds are expected in this matter Ex Gratia Payment The IVA Proposal advised that the Debtor ' s parents would within 90 days of approval of the IVA pay by way of an ex gratia payment As per the enclosed Receipts & Payments account these funds were received during the first year of my appointment According ly there shall be no further realisations in this matter

3 Voluntary Payments To date I can advise that I have received voluntary payments from the Debtor totalling of which has been received during the second year of my appointment Gross Bank Interest B ank interest of 5589 has been generated from the funds that have been held in the IVA bank account of which 3577 has been received during this particular reporting period PAYMENTS Petitioners Costs Creditors may recall that HM Revenue & Customs ("HMRC") had issued a Bankruptcy Petition against the Debtor in respect of monies due to them In accordance with the terms of the IVA the petitioners costs were paid as an expense of the IVA Accordingly I advise that the sum of 780 was paid to H M RC during the first year of appointment and I confirm that no further payments are to be made to HMRC in this respect Nominee 's Fees Creditors may recall that at the Meeting of Creditors held on 20th April 2012 it was agreed that the N ominee's fee in the sum of 7500 plus disbursements (including those defined as Category 2) for acting as N ominee would be drawn from realisations made in the Arrangement As per the enclosed Receipts & Payments I can confirm that the Nominee's Fees and Disbursements were paid during the first year of my appointment and I must advise that no further costs are expected in this matter Joint Supervisor ' s Fees Creditors may recall that at the Meeting of Creditors held on 20th April 2012 it was agreed that the Joint Supervisors' remuneration be approved on the basis of time properly spent in dealing with all aspects of the IVA T o 19th April 2014 the Joint Supervisors' have drawn in as shown on the enclosed Receipts & Payments account respect of remuneration I attach at Schedule 1 a schedule analysing the time-costs for the period under review which records the work undertaken Time-costs totalling have been incurred which represents a total of 62 hours and 18 minutes at an average charge out rate of per hour I attach at Schedule 2 a schedule analysing the time-costs for the whole period which records the work undertaken Time-costs totalling have been incurred which represents a total of 127 hours and 18 minutes at an average charge out rate of per hour Additionally please note that time-costs totalling have been incurred but not yet drawn

4 For guidance I enclose " A Creditors ' Guide to Supervisors ' Fees " together with a document that outlines the policy of Shipleys LLP in respect of fees and disbursements Since the approval of my remuneration on 20th April 2012 please note that the charge out rates of myself and my staff have changed I would draw the attention of creditors to the historic charge out rate information contained in the policy document attached for further details Joint Supervisor's Disbursements Where disbursements are recovered in respect of precise sums expended there is no necessity for these costs to be authorised These are known disbursements I therefore report disbursements incurred since the date o amount to which are as follows : to third parties as Category 1 the last report Amount Amount Amount still incurred for incurred this Amount to be Disbursement whole period period reimbursed reimbursed Other Expenses Insurance Postage TOTAL Supervisors often charge expenses for example postage stationery photocopying charges telephone and fax cost Such expenses which are attributable to cases require the approval of the creditors before they can be drawn and these are known as Category 2 disbursements I can confirm that during the last year Category 2 disbursement expenses totalling having previously been approved on 20 th April 2013 have been drawn as follows : Amount Amount Amount still incurred for incurred this Amount to be Disbursement whole period period reimbursed reimbursed Photocopying TOTAL Please note that since the date of approval of the IVA the Joint Supervisors ' Category 1 & 2 disbursements of have been drawn from funds held in the IVA estate CREDITOR CLAIMS AND DIVIDENDS PAID Unsecured Creditors Please find below a summary of the claims received to 19 th April 2014 and details of any dividends paid to date :

5 Statement of Total value Numbers of Affairs of claims Total dividend Dividend Unsecured Creditors amount received paid rate HMRC p/ Trade & Expense p/ Associated Creditor ' TOTAL PAID p/ Please note that the associated creditor being the Debtor ' s wife has waived her entitlement to receive any distributions as this would allow increased dividends being paid to the Debtor ' s unsecured creditors However the associated creditor has retained the right to vote at any meeting that maybe called during the term of the IVA Creditors will note from the attached Receipts & Payments account that a dividend provision of has been made in respect of the expected claims in the IVA The expected claims are for those creditors who have not yet submitted a Proof of Debt form Please note that when a future distribution is made a dividend provision will be made again in respect of those creditors who have not yet submitted a Proof of Debt form ASSETS STILL TO BE REALISED Negligence Claim Settlement Creditors will recall that the IVA Proposal advised that the Debtor was considering a cla im against a firm for negligent advice provided to him which resulted in the large liability due to HMRC The Proposal further advised that the Debtor ' s w ife would provide funding of so that the Debtor could seek formal legal opinion with regards to his claim If the legal opinion suggested that the prospects of recovery were good the Debtor wou ld pursue the claim so long as he could procure a firm of Solicitors to act on a Conditional Fee Agreement ( ` CFA ' ) basis and there would be no personal risk of adverse costs against the Debtor However creditors may be aware that following the Jackson reforms Solicitors are no longer permitted to act on a CFA basis therefore following the initial advice that the Debtor will seek it is likely that the Joint Supervisors will write to creditors to ascertain whether there will be a break in contributions to fund the action or whether creditors would be willing to fund the action I must advise that the Debtor ' s wife has been unable to provide funding at present however the Debtor is in the process of obtaining details of the costs that would be incurred for a preliminary review of this matter At this stage I do not envisage any recovery with regards to this particular asset given the above 1 Regents Mews IG6 2QB Creditors will recall that the IVA Proposal advised that this property was in negative equity at the date of the Proposal being 2 "d April 2012 Further to a modification which was submitted by HMRC and which was subsequently approved by the Debtor this property is to be valued 12 months before the end of the Arrangement and funds to the value of the Debtor ' s share of the equity shall be paid into the Arrangement in addition to any other funds

6 Flat 67 The eye ME4 4SD Further to a modification which was submitted by HMRC and which was subsequently approved by the Debtor it was agreed that should this property not be sold within 12 months of approval of the IVA the Supervisor shall immediately make arrangements for sale by public auction Creditors may recall that on 15th May 2013 a Meeting of Creditors was convened to consider a variation to this particular term of the IVA of which full deta i ls are provided below The meeting was convened for 3 rd June 2013 and I can advise that the variations to the IVA were approved accordingly 4 Chase Cross Road Creditors will recall that the IVA Proposal envisaged that the Debtor ' s 10% share in this property was valued at approximately which was based on a drive by valuation of and that the Debtor would contribute a minimum of however when the Debtor opened negotiations with the joint owners in order to sell his 10% share the joint owners conducted a full valuation of the property Accordingly evidence was provided that the true value of the property was in the region of which therefore gave rise to a valuation of the Debtor 's 10% share of The Debtor had negotiated with the joint owners and a deal had been reached for the joint owners to purchase the Debtor's share of the property Clearly the reduction in value of the Debtor's share would cause for a shortfall in the minimum dividend This information was included in the variation report sent to creditors of which full information is provided below As detailed in the enclosed Receipts & Payments account the Supervisor received during the period to which this report relates therefore no further funds are expected in this matter Rent Arrears from 4 Chase Cross Road The IVA Proposal advised creditors that the Debtor was potentially owed 10% of the rental income received from the joint owners over a substantial period of time but the amount was dependent on a considerable number of factors and was not quantifiable The Debtor has been in continuous contact with the joint owners and evidence has been provided in this respect as per the terms of the Proposal Whilst negotiations are ongoing from the correspondence that has been received it would appear that the joint owners could have a substantial subrogated claim against the Debtor for other matters and prima facia the joint owners will seek to write off the subrogated claim if the Debtor agrees to write off any entitlement he may have for 10% of the rental income claim Based on the correspondence received to date it would appear that the joint owners claim could be greater than the Debtor ' s against the joint owners and there would be no benefit to IVA creditors should the Debtor pursue his claim and the claim of the joint owner was then to form a claim in the IVA Given the above I do not believe that any funds will be forthcoming

7 Creditors should note that my staff and I have spent considerable time in reviewing the above matter and liaising with both the Debtor and the joint owner in an attempt to maximise the return to creditors Due to this increased costs have been incurred wh ich were not expected at the date of approval of the IVA It should be noted that no matters seem to have reached a conclusion it is anticipated that further costs relating to this particular matter will be minimal Rent Arrears from Flat 67 The Eye The IVA P roposal advised that the Debtor was potentially entitled to 50% of the net income due from this investment property which is jointly owned with a non connected party The Debtor has sought to recover any funds that may be due and he has provided all correspondence in this regard Having reviewed the information supplied to date the property has been making small losses or drawing even during the period in question I therefore advise that there shall be no realisations in respect of this particular asset Creditors should note that my staff and I have spent considerable time in reviewing the above matter and liaising with both the Debtor and the joint owner in an attempt to maximise the return to creditors Due to this increased costs have been incurred which were not expected at the date of approval of the IVA It should however be noted that no matters seem to have reached a conclusion it is anticipated that further costs relating to this particular matter will be minimal PROGRESS OF THE VOLUNTARY ARRANGEMENT The Debtor has continued to make his voluntary contributions on time each month however as detailed earlier in this report the voluntary payment that was due on 20th May 2014 has not yet been received at my office Creditors will recall that on 3 rd April 2013 a report was sent convening a Meeting of Creditors by way of postal resolution in order to consider variations to the approved terms of the Debtor ' s IVA Full details of the variations were provided in said report however to summarise the following variations were proposed ; The Debtor is to continue to market the property located at Flat 67 The Eye ME4 4SD with a view to selling it once it is in equity In any event the Debtor 's share of the equity is to be released by month 54 of the IVA In order to determine the value of the Debtor 's share of the equity the Debtor will be required to provide a valuation of the property together with a mortgage redemption statement; 2 The time in which the Debtor is to realise his share of the equity from the property located at 4 Chase Cross Road RM5 3PR is to be extended by 3 months to 20th July 2013 Should the Debtor not have released his share of the equity by this time a third party must introduce the equivalent sum into the IVA for the benefit of creditors which is estimated to be ; 3 That the minimum dividend in the IVA is to be reduced to p in the ; 4 Should this variation be approved the costs of preparing this variation report meeting and notifying creditors of the outcome which are estimated to be are to be paid as an expense of the Arrangement ';-

8 5 Should this variation be rejected the costs of preparing this variation report meeting and notifying creditors of the outcome which are estimated to be are to be paid as an expense of the Arrangement Please note that HMRC rejected variation number 1 as they did not feel it gave creditors a great choice of when the property could be sold After discussions with HMRC it was agreed that the following amendment to the variation would be proposed ; The Debtor is to obtain a valuation of the property located at Flat 67 The Eye ME4 4SD on an annual basis and provide this together with a mortgage redemption statement to the Joint Supervisors by the 20th April each year until completion of the IVA or until such time that the property is sold The Joint Supervisors are to then convene a meeting of creditors notice of which is to be sent with each annual report to creditors to seek their opinion as to whether or not the property be sold If creditors do not agree to sale by month 54 the property is to be sold via public auction To allow creditors sufficient time to consider the variation the meeting was adjourned to 7 th May 2013 No votes were received at the meeting therefore the meeting was deemed to be inquorate Due to this a third meeting was convened under new notice and was he ld by way of postal correspondence on Td June 2013 As detailed earlier in this report the variations to the IVA were approved In addition creditors may recall that it is a term of the Debtor ' s IVA that he is to supply a personal Income & Expenditure account together with a trading account for his business for each year that the IVA is in effect I advise that I have requested this from the Debtor and will advise creditors of any additional contributions available and received in the Joint Supervisors next report FUTURE PROSPECTS Based on the Debtor's co-operation and adherence to the terms of the IVA to date at this stage I see no reason why the IVA will not be fully implemented within the duration envisaged in the approved Proposal There are no further matters to report Dated : 10`h June 20 Ant y Davidson Ji t Supervisor

9 Voluntary Arrangement of Stephen Baron Statement of Affairs From 20 /04 /2013 To 19 /04 /2014 From 20 /04/2012 To 19 /04/ 2014 SECURED ASSETS Regents Mews IG6 2QB ( ) Birmgham Midshires Flat 67 The Eye ME4 4SD ( ) Engage Credit Limited (5 00) Estimated Cost of Sale (2 5%) ( ) Joint Owners 50% Share Uncertain 4 Chase Cross Road Uncertain Uncertain Uncertain Uncertain ASSET REALISATIONS 50% interest in timeshare scheme Rent arrears from 4 Chase Cross Roa Rent Arrears from Flat 67 The Eye 100 ordinary Santander shares 93 ordinary British Gas shares Ex Gratia Payment Voluntary Payments Bank Interest Net of Tax COST OF REALISATIONS Petitioners Costs Nominees Fee Joint Supervisors Remuneration Joint Supervisors Disbursements ( ) ( ) ( ) ( ) UNSECURED CREDITORS Trade & Expense Creditors HM Revenue & Customs ( ) ( ) ( ) REPRESENTED BY Bank 1 Current Provision for Unsettled Claims Note 0 xfhony Davidson Joint Supervisor Page 1 of 1 1 PS SQL Ve r June :08

10 Mr Stephen Baron - Subject to an Individual Voluntary Arrangement Joint Supervisors' time costs for the peri od of 20th April 2013 to 19th April 2014 SCHEDULEI i Partner Time Cos t Ti Administ rati on and Plann ing Case Planning Administrative Set Up Appointment notification M aintenance of Records Statutory Reporting Cost Time Senior Adr Time Administrat or Cost Real is ati on of Assets Identifying Securing Insuring Retention of Title Debt Collection 000 D00 Sales-property business &assets co C red ito rs Creditors - Communication with Creditors Claims Inves t i g a tions SIP2 Review CDDA Reporting Antecedent Transactions T ra d i ng Management of Operations Accounting for Trading Ongoing Employees Tax Tax Average hourly charge out rate E T o tal H o urs Total Cost Av e rag e

11 Mr Stephen Baron - Subj ec t to an Individ u al Voluntary Arrangement Joi nt Supervisors' total time costs from 20th April 2012 to 19th April 2014 SCHEDULE2 i Partner Time Co s t Administration and Planning Case Planning Administrative Set Up App oin tment n o t ific atio n M ai nte n ance of Record s S ta t uto ry Repo rt n g Senior Administrator Re a lisat io n of As s et s Identifyin g Securing I nsuri n g Retention of Title Debt Collection Sales-property business &assets 0 00 Co 0 00 Co Cred i tors Creditors - Communication with C re di tors C l aim s I nvestigat io n s SIP2 Review CDDA Reporting Antecedent Transactions 0 00 Co Trading Management of Operations Accounting for Trading Ongoing Employees Ta x Tax Average hourly charge out rate / f Total Hours Total Cos t Ave ra ge

12 Shipleys LLP 10 Orange Street Haymarket London WC2H 7DQ CREDITORS ' GUIDE TO FEES EFFECTIVE FROM 1 MAY 2014 CHARGE-OUT RATES Staff Allocation and Support Staff An objective and practical approach is taken to each case which inc l udes active Principal involvement from the outset Other members of staff will be assigned on the basis of experience and specific skills to match the needs of the case Set out below are the relevant charge-out rates per hour worked for the grades of all staff Time is charged by reference to actual work carried out on each assignment There has been no allocation of any general or overhead costs Grade Charge -out rate ( per hour ) plus VAT where applicable Principal * Manager Assistant Manager Senior Administrator Administrator Assistant & Cashier * or equivalent NB: Time costs are calculated at 6 minute units The time of support staff is not charged to a case except when the initial set up is being performed and appointment documentation is prepared Support staff will also occasionally charge their time when performing a sizeable administrative task within the case Support staff charge their time at the 110/hr Assistant rate shown on the preceding table Specialist departments with the firm such as Tax and VAT may sometimes charge their time if and when the Office Holders may require their expert advice The figures below prov ide details of the charge-out rates per hour worked for typical staff involved in this way Grade Charge -out rate ( per hour) plus VAT where applicable Tax Principal * Tax Manager 250 Tax Practitioner 200 Tax Assistant 145 Details of historic charge out rates in respect of the London office are provided at the end of this guide Should any creditor wish to receive details of the charge out rates for the London office in force prior to those shown these can be provided upon request

13 DISBURSEMENTS Category 1 Disbursements These are costs where there is specific expenditure directly referable both to the appointment in question and a payment to an independent third party Examples of equivalent costs that may be reimbursed to the office holders without uplift and do not require prior approval are given below : Category Basis of Charge Indemnity Bond At cost of mandatory cover required in accordance with the Insolvency Act 1986 for each a pp ointment Insurance of assets At cost in relation to asset covera g e req uirements Com an searches At cost incurred Travel All forms other than milea e at actual cost Room Hire All external venues at actual cost Stationery At cost incurred Storage Charge at actual cost incurred for storage (and retrieval when a ro riate of records Other At actual cost charg ed Category 2 Disbursements These are costs that are directly referable to the appointment in question but not to an independent third party They may include shared or allocated costs that can be allocated to the appointment on a proper and reasonable basis In the event of charging for Category 2 disbursements the following items of expenditure are recharged on the basis spec ified : Category Basis of Charge Business Milea g e Motor vehicle at 40 p per mile Internal Room Hire Held at Shipleys LLP 10 Orange Street Haymarket London WC2H 7DQ: 50 Photoco in Specific calculation of 25 pence per sheet x number of creditors Facsimiles 1 for 1S p ag e and 10 pence for each additional pa g e Subcontractors Details and the cost of any work which has been or is intended to be sub-contracted out that could otherwise by carried out by the office holder or his staff will be provided in any report which incorporates a request for approval of the basis upon which remuneration may be charged Professional Advisors Details of any professional advisor(s) used will be given in reports to creditors Un l ess otherwise indicated the fee arrangement for each is based on hourly charge out rates which are reviewed on a regular basis together with the recovery or relevant disbursements The choice of professional advisors is based around a number of factors includ ing but not restricted to their expertise in a particular field the complexity or otherw i se of the assignment and their geographic location

14 01 /04/07-31 /12/07 01 /01 /08-31 /12/08 01 /01 /09-31 / 12 /09 01 /01 /10-31 /12/10 01 /01 /11-31 /12 /11 01 /01 /12-31 /01 /12 Charge -out rate ( per hour ) plus VAT where appli cable Prin c ipal * Director n/a n/a n/a Manager Ass istant Manager n/a Sen ior Administrato r Admini strator Ass i stant & Ca s hier /02 / /04/ /05 / /07 / /08 / / 12 / / 01 / /04 / /05/ / 12 / /01 / 14-30/04/ 14 Charge -out rate ( per hour) plus VAT where applicable Principal * Director n/a n/a n/a n/a n/a n/a Manager Assistant Manager n/a n/a n/a Senior Admin istrator Administrator Assistant 9 Cashier * or equivalent

15 VOLUNTARY ARRANGEMENTS - A CREDITORS ' GUIDE TO I NSOLVENCY PRACTITIONERS ' FEES Introduction 1 1 In a voluntary arrangement as in other types of insolvency the amount of money available for creditors is likely to be affected by the level of costs including the remuneration of the insolvency practitioner appointed to implement the arrangement This guide explains how fees are fixed in voluntary arrangements how the creditors can affect the level of fees and the information which should be made available to them regarding fees 2 The voluntary arrangement procedure 2 1 Voluntary arrangements are available to both compan ies and individual debtors Company voluntary arrangements are often referred to as CVAs and individual voluntary arrangements as IVAs 2 2 The procedure is similar for both CVAs and IVAs and enables the company or individual to put a proposal to their creditors for a composition in satisfaction of their debts or a scheme of arrangement of their affairs A composition is an agreement under which creditors agree to accept a certain sum of money in settlement of the debts due to them A CVA may be used as a stand - alone procedure or as an exit route from an administration It may also be used where a company is in liqu idation but this is extremely rare The proposal will be made by the directors the administrator or the liquidator depending on the circumstances A proposal for an IVA may be made by a debtor whether or not he is already subject to bankruptcy proceedings The proposal will be considered by creditors at a meeting convened for that purpose The procedure is extremely flexible and the form which the voluntary arrangement takes will depend on the terms of the proposal agreed by the creditors In both CVAs and IVAs the proposal must provide for an insolvency practitioner to supervise the implementation of the arrangement Until the proposal is approved by the creditors the practitioner is known as the nominee If the proposal is approved the nominee (or if the creditors choose to replace him his replacement ) becomes the supervisor 3 Fees costs and charges - statutory provisions 3 1 The fees costs charges and expenses which may be incurred for the purposes of a voluntary arrangement are set out in the Insolvency Rules 1986 ( rule 1 28 for CVAs and rule 5 33 ( previously 5 28) for IVAs ) They are : any disbursements made by the nominee prior to the arrangement coming into effect and any remuneration for his services agreed between himself and the company (or the administrator or liquidator as the case may be ) or the debtor ( or the official receiver or trustee where the debtor is subject to bankruptcy proceedings ); any fees costs charges or expenses which : - are sanctioned by the terms of the arrangement (see below) or - would be payable or correspond to those which would be payable in an administration winding up or bankruptcy (as the case may be) 3 2 The rules also require the following matters to be stated or otherwise dealt with in the proposal (rule 1 3 for CVAs and rule 5 3 for IVAs) : The amount proposed to be paid to the nominee (as such ) by way of remuneration and expenses and

16 The manner in which it is proposed that the supervisor of the arrangement should be remunerated and his expenses defrayed 4 The role of the credi tors ' ' 4 1 It is for the creditors' meeting to decide whether to agree the terms relating to remuneration along with the other provisions of the proposal The creditors meeting has the power to modify any of the terms of the proposal (with the consent of the debtor in the case of an IVA) including those relating to the fixing of remunerat i on The nominee should be prepared to disclose the basis of his fees to the meeting if called upon to do so Although there are no further statutory provisions relating to remuneration in voluntary arrangements the terms of the proposal may provide for the establishment of a committee of creditors and may include among its functions the fixing of the supervisor s remuneration 5 What information should the creditors receive? When fixing bases of remuneration When seeking agreement for the basis or bases of remuneration the voluntary arrangement proposal or the supervisor (where fees and d i s burse m ents a re s ubj ec t to ag reeme n t afte r approval of t he arra ng emen t) should provide sufficient supporting information to enable the creditors ( or the committee of creditors where applicable) to make an informed judgement as to whether the basis sought is appropriate having regard to all the circumstances of the case The nature and extent of the information provided will depend on the stage during the conduct of the case at which approval is being sought The appendix to this guide sets out a suggested format for the provision of information If any part of the remuneration is sought on a time costs basis the proposal or the supervisor should provide details of the minimum time units used and current charge - out rates split by grades of staff of those people who have been or who are likely to be involved in the time costs aspects of the case The proposal or the supervisor should also provide details and the cost of any work that has been or is intended to be sub-contracted out that cou ld otherwise be carried out by the supervisor or his or her staff 52 After the bases of remuneration have been fixed The supervisor is required to send reports to creditors at specified intervals in accordance with rule 5 31A When reporting to creditors in addit i on to the matters specified in rule 5 31A the supervisor should provide an explanation of what has been achieved in the period under review and how it was achieved sufficient to enable the progress of the case to be assessed Creditors should be able to understand whether the remuneration charged is reasonable in the circumstances of the case (whilst recognising that the supervisor must fulfil certain statutory obligations and regulatory requirements that might be perceived as bringing no added value for the estate ) Where any remuneration is on a time costs basis the supervisor should disclose the charge in respect of the period the time spent and the average charge-out rates in larger cases split by grades of staff and analysed by appropriate activity If there have been any changes to the charge-out rates during the period under review rates should be disclosed by grades of staff split by the periods applicable The supervisor should also provide details and the cost of any work that has been sub-contracted out that could otherwise be carried out by the supervisor or his or her staff

17 5 3 Disbursements and other expenses Costs met by and reimbursed to the supervisor in connection with the voluntary arrangement should be appropriate and reasonab l e Such costs will fall into two categories : Category 1 disbursements : These are costs where there is specific expenditure directly referable both to the voluntary arrangement and a payment to an independent third party These may include for example room hire storage postage telephone charges travel expenses and equivalent costs reimbursed to the supervisor or his or her staff Category 2 disbursements : These are costs that are directly referable to the voluntary arrangement but not to a payment to an independent third party They may include shared or allocated costs that can be allocated to the voluntary arrangement on a proper and reasonable basis for example business mileage Category 1 disbursements can be drawn without prior approval although the supervisor should be prepared to disclose information about them in the same way as any other expenses Category 2 disbursements may be drawn if they have been approved in the same manner as the supervisor ' s remuneration When seeking approval the supervisor should explain for each category of expense the basis on which the charge is being made The following are not permissible : ; ' a charge calculated as a percentage of remuneration an administration fee or charge additional to the supervisor s remuneration ; recovery of basic overhead costs such as office and equipment rental depreciation and finance charges Provision of information - additional requirements The nominee or supervisor is required to prov i de certain information about the t i me spent on the case free of charge upon request by specified persons The persons entitled to ask for this information are - any creditor ; where the arrangement relates to a company any director or member of that company ; and where the arrangement relates to an individual that individual The information which must be provided is - the total number of hours spent on the case by the insolvency practitioner or staff assigned to the case ; for each grade of staff the average hourly rate at which they are charged out ; the number of hours spent by each grade of staff in the relevant period ' The period for which the information must be provided is the period from appointment to the end of the most recent period of six months reckoned from the date of the nominee s or supervisor ' s appointment or where he has vacated office the date that he vacated office The information must be provided within 28 days of receipt of the request by the

18 nominee or supervisor and requests must be made within two years from vacat i on of office What if a creditor or debtor is dissatisfied? 7 1 Where a creditor or the debtor is dissatisfied the terms of the voluntary arrangement proposal may provide what action can be taken In the absence of such a provision a creditor or a debtor who is dissatisfied by any act omission or decision of the supervisor may apply to the court ( s 263 Insolvency Act 1986 ) 8 Effective date This guide applies where the nominee in relation to the arrangement agrees to act on or after 1 November 2011

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