Insolvency Services

Our Insolvency Department is headed by Peter Johnson, partner and chartered accountant in the practice. He was one of the first licensed Insolvency practitioners under Insolvency Act 1986 holding ICAEW Licence Number 156 and Insolvency Service (BIS) IP Number 5774.. Peter is licensed to act as an insolvency practitioner by The Institute of Chartered Accountants in England & Wales. He is also a fellow of R3, the Association of Business Recovery Professionals. His practice experience dates back to 1982.

Peter's involvement in general practice work dealing with individuals and businesses in all areas of commerce and trade rather than just being an insolvency specialist enhances his knowledge of accountancy and financial issues.

Our Insolvency Department would be pleased to discuss any financial difficulties you may have. We offer a free one hour consultation, whether the advice sought be of a personal or corporate nature. In order to take advantage of this free consultation please either e-mail peterjohnson@johnsonholmes.co.uk or telephone Peter Johnson on 01603 616331.

In addition to insolvent proceedings, our licence also enables us to carry out formal liquidations for solvent companies where the shareholders merely wish to realise the company assets. By this route the shareholders enjoy certainty for trading companies capital distributions will be regarded as capital gains distributions and qualify for entrepreneurs' relief providing relevant conditions are met. Shareholders / directors would also be guaranteed no creditors could claim against them personally, following formal liquidation of the company.

We detail below further useful information in relation to formal insolvency assignments:

Our time costs are based on:

Staff Allocation

Our general approach to resourcing our assignments is to allocate staff with the experience and skills to meet the specific requirement of the case.

The following information is provided in accordance with Statement of Insolvency Practice 9.

All partners and staff are charged out at hourly rates, which are reviewed annually.

Time is recorded on our practice Iris time recording system

Time and Fees are recorded and charged in 6 minute units.

Time billed is subject to Value added Tax (VAT), where appropriate, at the applicable rate. Our VAT number is 372 9979 86.

Charge Out Rates

Charge out rates are reviewed on 1 April each year and are adjusted to take account of inflation and the firm’s overheads. No increase in rates were implemented in April 2018.

Rates from 10 April 2017 Rates from 1 April 2016
£ £
Partner 132 129
Senior Manager 83 81
Other Seniors 66 64
Support Staff 51 50

We believe these rates are very competitive and significantly below those of national firms.

Fees and Costs

In formal insolvency cases we normally charge our fees on a time cost basis, but this is subject to formal approval for each separate insolvency case in accordance with the insolvency legislation and the guidelines laid down by our governing body, The Institute Of Chartered Accountants In England & Wales.

A formal copy of our Practice Fee Recovery Policy can be downloaded here

We, like all insolvency practitioners have to comply with the Statements of Insolvency Practice that have been prepared by the professional bodies that regulate insolvency. Guidance notes have been prepared by those professional bodies to assist creditors in understanding insolvency fees and you can find those by clicking on the appropriate link below, which depends on the case type and when the case commenced.

For cases commenced pre 5 April 2010

For cases commenced pre 1 November 2011

For cases commenced pre 1 October 2015

For cases commenced post 1 October 2015

R3, the Association of Business Recovery Professionals have prepared guides to help creditors understand the various types of insolvency procedure. You can access those guides by clicking on the appropriate link below:

Provision of Services Legislation

In order to comply with the Provision of Services Legislation, the practice holds professional indemnity insurance that meets the requirement of The Institute of Chartered Accountants in England & Wales. Our professional indemnity insurer is Royal & Sun Alliance Insurance Plc of 30 Fenchurch Street, London, EC3M 3BD. The territorial coverage of the insurance is worldwide, excluding professional business carried out from an office in the United States of America or Canada and excludes any action for a claim brought in any court in the United States of America or Canada.

We endeavour to provide an efficient and professional service. However if you are dissatisfied with our service, please contact Peter Johnson, 30A Elm Hill, Norwich, NR3 1HG, e-mail peterjohnson@johnsonholmes.co.uk or telephone 01603 616331. Should you remain dissatisfied any such complaints should be addressed to The Insolvency Service, IP Complaints , 3rd Floor, 1 City Walk, Leeds, LS11 9DA, and you can make a submission using an online form available at www.gov.uk/complain-about-insolvency-practitioner; or you may phone 0300 6780015 - call charges can be found at www.gov.uk/call charges.

Insolvency Code of Ethics, SIPs and Regulations

All IP's are required to comply with the Insolvency Code of Ethics. A copy of these together with statements of insolvency practice (SIPs) and ICAEW Insolvency Regulations can be found here

Data protection policy

This is a statement of the data protection policy adopted by Johnson Holmes & Co.

We need to collect and use certain types of personal information about the people we deal with, such as current, past and prospective employees, company directors, suppliers, clients/customers, creditors and others with whom we communicate. In addition, we may occasionally be required by law to collect and use certain types of personal information in order to comply with the requirements of government departments and agencies.

Under the Data Protection Act 2018 and General Data Protection Regulations (GDPR), all organisations which handle personal information must comply with a number of important principles regarding the privacy and disclosure of this information. We believe that the lawful and correct treatment of personal information is, critical to our successful operation, and to maintaining our clients' confidence in us. We recognise that, to maintain our reputation and integrity as an open and professional organisation, we must be fully compliant with this legislation. For a copy of the firm’s general Privacy Notice please click here

Therefore we fully endorse and adhere to the principles of data protection set out in the Data Protection Act 2018 and General Data Protection Regulations (GDPR) and will:

  • Fully observe the conditions regarding the fair collection and use of personal information.
  • Meet our legal obligations to specify the purpose for which we use personal information.
  • Only collect and process the personal information needed to carry out our business or to comply with any legal requirements.
  • Ensure that the personal information we use is as accurate as possible.
  • Ensure that we do not hold personal information any longer than necessary.
  • Ensure that people know about their rights to see the personal information we hold about them.
  • Take appropriate technical and organisational security measures to safeguard personal information.
  • Ensure that personal information is not transferred abroad without suitable safeguards.

In addition, we will ensure that:

  • There is someone with specific responsibility for data protection in the organisation. Currently, the nominated person is Peter Johnson (telephone 01603 616331, email peterjohnson@johnsonholmes.co.uk).
  • Everyone handling personal information understands that they are responsible for following good practice.
  • Everyone handling personal information is appropriately trained and properly supervised.
  • We regularly assess the performance of people who handle personal information.
  • Anybody wanting to make enquiries about handling personal information knows what to do.
  • Queries about handling personal information are dealt with promptly and courteously.
  • You have the right to request a copy of the personal information that we hold about you. To do so please write to Peter Johnson, Partner, Johnson Holmes & Co, Towlers Court, 30A Elm Hill, Norwich, NR3 1HG.

Why you should choose us...

Johnson Holmes offer a practical, friendly and efficient service, reacting quickly to our clients needs, ensuring wherever possible we exceed their expectations.

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