VOLUNTARY BANKRUPTCY

G. FEES & CHARGES.

A trustee is entitled to a fee for administering your bankruptcy.
Where the Official Trustee is the trustee of the administration, the fee is set by legislation and is generally based on a percentage of the funds realised. The fee is not recoverable directly from you unless you are seeking an annulment of the bankruptcy.
Where a registered trustee is the trustee of the administration, the fee is generally based on an hourly rate. Where there are insufficient funds in an administration, a registered trustee can recover a statutory minimum fee.
Funds realised by a trustee in an administration are subject to a realisations charge.--government levy. which is paid by the trustee directly to the government. Any interest earned on funds recovered by the trustee is payable to the government.

There is also the cost of fees to an accountant or financial adviser. Which would need to be paid by you prior to declaring bankruptcy. This could be an hourly rate, or an agreed amount, after initial consultation.