Legal Notices

LEGAL NOTICES

 

WEBSITE
 
You assume total responsibility and risk for any use you make of this website. Whilst we take care in the research, preparation and accuracy of this website and its facilities, we provide the site for general guidance and information only. We do not make any express or implied warranties, representations or endorsements whatsoever with regard to any service or product mentioned on the site or on the internet generally, and we shall not be liable for any cost or damage arising either directly or indirectly from any such usage. Information on this site is written in general terms and should not be relied upon or used as a substitute for professional advice with respect to a specific set of circumstances.
 

THE FIRM
 
Herron Fisher is a partnership whose head office is at Satago Cottage, 360a Brighton Road, Croydon CR2 6AL.
 
Our VAT number is 877 6471 67.
 
Our partners are authorised to act as Insolvency Practitioners in the UK by the Insolvency Practitioners Association.
 
We are authorised by the Financial Conduct Authority (registration number FRN662057).

 

PRIVACY POLICY

This Privacy Notice sets out the categories of personal data we may ask you to supply, why we need that data, how we will use it and how long we will retain it.

We are a data controller for the purpose of all personal data we process.

Herron Fisher has been registered (with the Information Commissioner’s Office) to hold and use data pursuant to the Data Protection Act since the firm was formed (registration number Z9407077).  This registration carries over automatically to cover data we will now hold and use subject to the new General Data Protection Regulation (GDPR).

We attempt to draw this Privacy Notice to the attention of all relevant parties and should you engage our services we will take it to mean that you are satisfied with its contents. Should you have any concerns or wish to discuss the contents of this notice further, please contact us.

We may update this notice from time to time and we recommend you refer to it regularly on our website.

The GDPR defines a data controller as:

“the natural or legal person, public authority, agency or other body which, alone or jointly with others, determines the purposes and means of the processing of personal data; where the purposes and means of such processing are determined by Union or Member State law, the controller or the specific criteria for its nomination may be provided for by Union or Member State law”

Insolvency Practitioners process data as office holders.  We deal with personal data relating to creditors, employees, directors, shareholders and insolvent debtors.  We might possibly also deal with data relating to a debtor’s family members.  We might also process personal data on staff working within corporate entities, for example emails containing names, email addresses and telephone numbers, sufficient to identify the individual.

We do not become the data controller for the personal data contained in the insolvent estate’s books and records.  For example, a liquidator is not the data controller in relation to data processed by the company prior to liquidation.

The legal basis for processing

The general legal bases for processing data as a data controller are as follows.

The purposes of the processing

We process data for a wide range of purposes, not only formal insolvency appointments, but also to deliver other services to clients.  We also hold data for marketing purposes and for running our business.

The types of personal data we might need

We only collect the personal data necessary to fulfil our functions as set out above.

Categories of personal data we may collect might include someone’s identification details (eg name, address, telephone number and email address) and their bank details and/or information about their finances.

We hold copy passports and other documentation relating to directors, shareholders and individual debtors.  Usually this is to comply with Anti Money Laundering Regulations.

We do not seek to obtain personal data that falls outside the scope of this Privacy Notice and we kindly request that individuals do not furnish us with any unnecessary personal data.

In accordance with data protection legislation we may destroy personal data supplied to us where we do not believe we have a sufficient legal basis to retain it. It is important that the personal data we hold about you is accurate and current.  Please keep us informed if your personal data changes during your relationship with us.

Third party processors

From time to time, we may transfer your personal data to our third party data processors. Processors have obligations under the data protection legislation with regards to your data as well as obligations in accordance with their contractual relationship with us.  We require all third parties to respect the security of your personal data and to treat it in accordance with the law.  We do not allow our third-party service providers to use your personal data for their own purposes and only permit them to process your personal data for specified purposes and in accordance with our instructions. These third-party data processors include:

Our professional legal advisers

Our IT service providers

Third party payroll providers

Third parties involved in hosting or organising events or seminars where you have informed us you wish to attend.

Marketing

Where we have already provided you with our services in some way we may contact you with regards to other services, promotions or events that we believe you may be interested in.  If you do not wish to hear from us, please let us know.

If you have given us your consent to contact you by email or other means for marketing purposes we will only use the personal data provided for this purpose and your details will not be passed to any third parties. You have the right to withdraw your consent for processing at any time and should you wish to do so, please contact us or follow the unsubscribe option in the email you receive.  Once we have received notification that you have withdrawn your consent, we will no longer contact you for marketing purposes and, subject to our retention policy, we will dispose of your personal data securely.

Retaining your personal data

We have legal obligations as a firm, an employer and a provider of insolvency services to retain records containing personal data, even after the main purpose of a relationship has ended, for example where the case has been closed.  We are required, for instance, to retain our case files for 6 years after closure.  For all personal data, once our obligation to retain the data ceases, we will cease processing and destroy it.

To determine the appropriate retention period for other personal data, we consider the amount, nature, and sensitivity of the personal data, the potential risk of harm from unauthorised use or disclosure of your personal data, the purposes for which we process your personal data and whether we can achieve those purposes through other means, and the applicable legal requirements.  We maintain appropriate security measures to prevent the misuse, loss or disclosure of personal data.

This notice is relevant whether your personal data was obtained directly from you or where your information was provided to us by a third party.

Your rights

In general terms, you have the right to access the personal data we hold for you.  It is always much more efficient, however, if you need a specific piece of information, to simply ask for that rather than make a blanket request.  You also have the right to request that your personal data be rectified or erased; however, we cannot do this if we need the data for the purposes mentioned above.  You will not usually have to pay a fee to access your personal data (or to exercise any of the other rights).  We are permitted to charge a reasonable fee if your request is clearly unfounded, repetitive or excessive.  Alternatively, we may refuse to comply with your request in these circumstances.  You have the right to make a complaint at any time to the Information Commissioner’s Office (ICO), the UK supervisory authority for data protection issues (www.ico.org.uk).  We would, however, appreciate the chance to deal with your concerns before you approach the ICO so please contact us in the first instance.

 

COOKIES POLICY

Information about our use of cookies

Our website uses cookies to distinguish you from other users of our website. This helps us to provide you with a good experience when you browse our website and also allows us to improve our site. By continuing to browse the site, you are agreeing to our use of cookies.

A cookie is a small file of letters and numbers that we store on your browser or the hard drive of your computer if you agree. Cookies contain information that is transferred to your computer's hard drive.

We use the following cookies:

 ●      Strictly necessary cookies. These are cookies that are required for the operation of our website. They might include, for example, cookies that enable you to log into secure areas of our website, use a shopping cart or make use of e-billing services.

 ●      Analytical/performance cookies. They allow us to recognise and count the number of visitors and to see how visitors move around our website when they are using it. This helps us to improve the way our website works, for example, by ensuring that users are finding what they are looking for easily.

 ●      Functionality cookies. These are used to recognise you when you return to our website. This enables us to personalise our content for you, greet you by name and remember your preferences (for example, your choice of language or region).

 ●      Targeting cookies. These cookies record your visit to our website, the pages you have visited and the links you have followed. We will use this information to make our website and the advertising displayed on it more relevant to your interests. We may also share this information with third parties for this purpose.

Please note that third parties (including, for example, advertising networks and providers of external services like web traffic analysis services) may also use cookies, over which we have no control. These cookies are likely to be analytical/performance cookies or targeting cookies.

As well as cookies we may use pixels which are similar to cookies however are relevant in a social media context (such as Facebook). A pixel is an analytics tool which measures the effectiveness of advertisements and enables us to provide advertisements which are relevant to you.

You can block cookies by activating the setting on your browser that allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or parts of our site.

Cookies can expire at the end of a browser session or they can be stored for longer. Your browser settings can also enable you to clear cookies on exit from specified websites.

 

INFORMATION REQUIRED UNDER THE PROVISION OF SERVICES REGULATIONS 2009
 
In order to comply with the Provision of Services legislation, the practice’s professional indemnity insurance is provided by Travelers Insurance Company Limited, 61-63 London Road, Redhill, Surrey RH1 1NA. This professional indemnity insurance provides worldwide coverage, excluding professional business carried out from an office in the United States of America or Canada and any action for a claim brought in any court in the United States of America or Canada.
 
Our Insolvency Practitioners are bound by the Insolvency Code of Ethics which can be found at www.insolvency-practitioners.org.uk/regulation-and-guidance/ethics-code when carrying out all professional work relating to an insolvency appointment. They are also bound by the regulations of their professional body which can be found here: IPA Regulation Guidance

 
COMPLAINTS PROCEDURE
 
At Herron Fisher we always strive to provide a professional and efficient service; however, we recognise that it is in the nature of insolvency proceedings for disputes to arise from time to time. If you should have cause to complain about the way that we are acting, you should, in the first instance, put details of your complaint in writing to The Partners at Herron Fisher, Satago Cottage, 360a Brighton Road, Croydon CR2 6AL. This will formally invoke our complaints procedure and we will endeavour to deal with your complaint swiftly.

Most disputes can be resolved amicably either through the provision of further information or following negotiations.  However, in the event that you have exhausted our complaints procedure and you are not satisfied that your complaint has been resolved or dealt with appropriately, you may complain to the regulatory body that licences the insolvency practitioner concerned.  Any such complaints should be made using this link www.gov.uk/complain-about-insolvency-practitioner.  Due to coronavirus you cannot currently contact the insolvency service by telephone. 

Christopher Herron and Nicola Jayne Fisher are both regulated by the Insolvency Practitioners Association (IPA).

Should your complaint relate to the very small range of matters that fall under the supervision of the Financial Conduct Authority, then you have a right to complain to the Financial Ombudsman Service (FOS) in the event that we have not dealt satisfactorily with your complaint within a period of 8 weeks. The FOS may be contacted via www.financial-ombudsman.org.uk; or you may email complaint.info@financial-ombudsman.org.uk; or you may phone 0300 123 9 123.
 
Our complaints procedure does not affect any legitimate right of legal action you may have against us.

 

PRACTICE FEE RECOVERY POLICY

Introduction

The insolvency legislation was changed in October 2015, with one or two exceptions, for insolvency appointments made from that time.  This sheet explains how we intend to apply the alternative fee bases allowed by the legislation when acting as office holder in insolvency appointments.  The legislation allows different fee bases to be used for different tasks within the same appointment.  The fee basis, or combination of bases, set for a particular appointment is/are subject to approval, generally by a committee if one is appointed by the creditors, failing which the creditors in general meeting, or the Court. 

Further information about creditors’ rights can be obtained by visiting the website of the Association of Business Recovery Professionals (R3) at  https://www.r3.org.uk/technical-library/england-wales/technical-guidance/creditor-guides/.  Details about how an office holder’s fees may be approved for each case type are available in a series of guides issued with Statement of Insolvency Practice 9 (SIP 9) and can be accessed via www.herronfisher.co.uk/.  Alternatively a hard copy may be requested from Herron Fisher at Satago Cottage, 360a Brighton Road, Croydon, CR2 6AL. Please note that we have provided further details in this policy statement.

Once the basis of the office holder’s remuneration has been approved, a periodic report will be provided to any committee and also to each creditor. The report will provide a breakdown of the remuneration drawn.  If approval has been obtained for remuneration on a time costs basis, i.e. by reference to time properly spent by members of staff of the practice at our standard charge out rates, the time incurred will also be disclosed, whether drawn or not, together with the average, or “blended” rates of such costs.  Under the legislation, any such report must disclose how creditors can seek further information and challenge the basis on which the fees are calculated and the level of fees drawn in the period of the report.  Once the time to challenge the office holder’s remuneration for the period reported on has elapsed, then that remuneration cannot subsequently be challenged.

Under some old legislation, which still applies for insolvency appointments commenced before 6 April 2010, there is no equivalent mechanism for fees to be challenged.

Time cost basis

When charging fees on a time costs basis we use charge out rates appropriate to the skills and experience of a member of staff and the work that they perform.  This is combined with the amount of time that they work on each case, recorded in 6 minute units with supporting narrative to explain the work undertaken.

Chargeout Rates

Grade of staff Current charge-out rate per hour,
effective from 1 April 2024
£		 Previous charge-out rate per hour,
effective from 1 April 2023
£
Partner – appointment taker 475 425
Manager 375 350
Senior Administrator 300 300
Administrator 200-275 195-275

These charge-out rates charged are reviewed on 1 April each year and are adjusted to take account of inflation and the firm’s overheads.

Time spent on casework is recorded directly to the relevant case using a computerised time recording system and the nature of the work undertaken is recorded at that time. The work is generally recorded under the following categories:

In cases where we were appointed prior to 1 October 2015, most of our fees were recovered on a time costs basis and appropriate authority was obtained from the creditors or the committee as set down in the legislation.

When we seek time costs approval we have to set out a fees estimate.  That estimate acts as a cap on our time costs so that we cannot draw fees of more than the estimated time costs without further approval from those who approved our fees.  When seeking approval for our fees, we will disclose the work that we intend to undertake, the hourly rates we intend to charge for each part of the work, and the time that we think each part of the work will take.  We will summarise that information in an average or “blended” rate for all of the work being carried out within the estimate.  We will also say whether we anticipate needing to seek approval to exceed the estimate and, if so, the reasons that we think that may be necessary.

The disclosure that we make should include sufficient information about the insolvency appointment to enable you to understand how the proposed fee reflects the complexity (or otherwise) of the case, any responsibility of an exceptional kind falling on the office holder, the effectiveness with which the office holder has carried out their functions, and the value and nature of the property with which the office holder has to deal.

If we subsequently need to seek authority to draw fees in excess of the estimate, we will say why we have exceeded, or are likely to exceed the estimate; any additional work undertaken, or proposed to be undertaken; the hourly rates proposed for each part of the work; and the time that the additional work is expected to take.  As with the original estimate, we will say whether we anticipate needing further approval and, if so, why we think it may be necessary to seek further approval.

Percentage basis

The legislation allows fees to be charged on a percentage of the value of the property with which the office holder has to deal (realisations and/or distributions).  Different percentages can be used for different assets or types of assets.  In cases where we were appointed prior to 1 October 2015, most of our fees were recovered on a time costs basis and appropriate authority was obtained from the creditors or the committee as set down in the legislation.  The legislation changed on 1 October 2015 and we now seek remuneration on a percentage basis more often.  A report accompanying any fee request will set out the potential assets in the case, the remuneration percentage proposed for any realisations and the work covered by that remuneration, as well as the expenses that will be, or are likely to be, incurred.  Expenses can be incurred without approval, but must be disclosed to help put the remuneration request into context.

The percentage approved in respect of realisations will be charged against the assets realised, and where approval is obtained on a mixture of bases, any fixed fee and time costs will then be charged against the funds remaining in the liquidation after the realisation percentage has been deducted.

The disclosure that we make should include sufficient information about the insolvency appointment to enable you to understand how the proposed fee reflects the complexity (or otherwise) of the case, any responsibility of an exceptional kind falling on the office holder, the effectiveness with which the office holder has carried out their functions, and the value and nature of the property with which the office holder has to deal.

If the basis of remuneration has been approved on a percentage basis then an increase in the amount of the percentage applied can only be approved by the committee or creditors (depending upon who approved the basis of remuneration) in cases where there has been a material and substantial change in the circumstances that were taken into account when fixing the original level of the percentage applied.  If there has not been a material and substantial change in the circumstances then an increase can only be approved by the Court.

Fixed fee

The legislation allows fees to be charged at a set amount.  Different set amounts can be used for different tasks.  In cases where we were appointed prior to 1 October 2015, most of our fees were recovered on a time costs basis and appropriate authority was obtained from the creditors or the committee as set down in the legislation.  The legislation changed on 1 October 2015 and we now seek remuneration on a fixed fee basis more often.  A report accompanying any fee request will set out the set fee that we proposed to charge and the work covered by that remuneration, as well as the expenses that will be, or are likely to be, incurred.  Expenses can be incurred without approval, but must be disclosed to help put the remuneration request into context.

The disclosure that we make should include sufficient information about the insolvency appointment to enable you to understand how the proposed fee reflects the complexity (or otherwise) of the case, any responsibility of an exceptional kind falling on the office holder, the effectiveness with which the office holder has carried out their functions, and the value and nature of the property with which the office holder has to deal.

If the basis of remuneration has been approved on a fixed fee basis then an increase in the amount of the fixed fee can only be approved by the committee or creditors (depending upon who approved the basis of remuneration) in cases where there has been a material and substantial change in the circumstances that were taken into account when fixing the original level of the fixed fee.  If there has not been a material and substantial change in the circumstances then an increase can only be approved by the Court.

Members’ voluntary liquidations and Voluntary Arrangements

The legislation changes that took effect from 1 October 2015 did not apply to members’ voluntary liquidations (MVL), Company Voluntary Arrangements (CVA) or Individual Voluntary Arrangements (IVA).  In MVLs, the company’s members set the fee basis, often as a fixed fee.  In CVAs and IVAs, the fee basis is set out in the proposals and creditors approve the fee basis when they approve the arrangement.

All bases

With the exception of Individual Voluntary Arrangements and Company Voluntary Arrangements which are VAT exempt, the officeholder’s remuneration invoiced to the insolvent estate will be subject to VAT at the prevailing rate.

Agent’s Costs

Charged at cost based upon the charge made by the Agent instructed, the term Agent includes:

In new appointments made after 1 October 2015, the office holder will provide details of expenses to be incurred, or likely to be incurred, when seeking fee approval.  When reporting to the committee and creditors during the course of the insolvency appointment the actual expenses incurred will be compared with the original estimate provided.

Disbursements

In accordance with SIP 9 the basis of disbursement allocation in respect of disbursements incurred by the Office Holder in connection with the administration of the estate must be fully disclosed to creditors.  Disbursements are categorised as either Category 1 or Category 2.

Category 1 expenses are directly referable to an invoice from a third party, which is either in the name of the estate or Herron Fisher; in the case of the latter, the invoice makes reference to, and therefore can be directly attributed to, the estate.  These disbursements are recoverable in full from the estate without the prior approval of creditors either by a direct payment from the estate or, where the firm has made payment on behalf of the estate, by a recharge of the amount invoiced by the third party.  Examples of category 1 disbursements are statutory advertising, external meeting room hire, external storage, specific bond insurance and Company search fees.

Category 2 expenses are incurred by the firm and recharged to the estate; they are not attributed to the estate by a third party invoice and/or they may include a profit element.  These disbursements are recoverable in full from the estate, subject to the basis of the disbursement charge being approved by creditors in advance. Examples of category 2 disbursements are photocopying and mileage.

It is proposed that the following Category 2 disbursements are recovered:

Mileage 50p per mile
Photocopying 10p per sheet
On occasion, storage is provided by HF14 Ltd, a company associated with the firm.  These storage costs are also classed as Category 2, because of the association, and require approval by creditors in advance.  They are as follows:
Storage £1 per box per month

 

BRIBERY ACT 2010 POLICY STATEMENT

Objective

The objective of this document is to:

This document derives from guidance provided by the Ministry of Justice which can be found at the following internet address:

http://www.justice.gov.uk/guidance/making-and-reviewing-the-law/bribery.htm

Policy Statement

Our Practice is committed to carrying on its business fairly, openly and honestly.  Our business culture is one where bribery is never acceptable.

Whistle-blowing

Everyone in the Practice, whatever their level, is allowed full access to our internal record of gifts, payments and hospitality within normal business hours.  In the event that they become aware of any reward, gift or hospitality being received or provided by anyone in the Practice they may check this record to see that it is duly authorised.

If they identify any reward, gift or hospitality that has not been disclosed and authorised, they should, as long as that person is not connected to the matter, report in the first instance to their line manager.  If their line manager is involved, they should report to the next manager in line above that level.  If the recipient or provider is a partner of the Practice they should report to another partner.

All partners of the Practice undertake that they will not take any disciplinary action or otherwise discriminate against anyone who raises a genuine concern about matters relating to the Bribery Act, whether the concern proves to be valid or unfounded and no matter what position in the organisation the recipient or provider holds.

On receipt of any evidence that any gift, reward or hospitality has been given or received and not adequately disclosed and recorded, the relevant line manager or partner will report the matter to the partners of the Practice, excluding any partner who may be involved in the allegation.

The partners of the Practice will investigate the circumstances, giving the individual concerned an opportunity to explain the transaction and give reasons for not seeking appropriate authority.

Any wilful failure to obtain authority for a qualifying transaction or series of transactions may be treated as a disciplinary matter, even if the investigation finds that the transaction was one that could have been authorised.

If the failure is significant enough to suggest that there may be an element of wrongdoing or bribery, it may comprise gross misconduct and could result in immediate dismissal.

 

BLOGS AND OTHER SOCIAL MEDIA POSTS

We sometimes post articles or updates on social media. These will be brief and general in nature and should not be relied upon.  They are not a substitute for professional advice.