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Costs and Fees
IVA applications usually need both legal and accounting professionals for drafting the proposal, attending the court hearings, chairing the creditors' meetings and negotiating with the creditors. In application stage, the professional fees for both legal and accounting services will be typically HK$20,000 depending on the complexity. In addition to the professional fees, disbursements of advertising fee on newspaper and court fee should also be considered.
For successful application, a monthly nominee fee will be deducted from the monthly repayment sum before distributing the amount to creditors. This nominee fee has been calculated and included in the proposed monthly repayment schedule.
The simple formula for the Application Costs is:
Professional fees + disbursements (normally the advertising fee and court fee)
The calculation of Court fee is based on the
Total Pay-out of the IVA i.e. the Application Costs + the total repayments.
The scale of Court fee is:
Mr. Y's situation is as following:
Mr. Y may settle the debts in 53 monthly installments i.e. in 4 years and 5 months' time when no interest added on with the total repayment amount of HK$315,900 (HK$300,000 + HK$300 x 53)
Mr. Y's Application costs will be:
Professional fees + Disbursements + Court fee
* The actual amount varies from case to case.
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