The move, which is subject to Parliamentary scrutiny, is in response to a review of the service’s funding arrangements which sought to develop a more resilient, transparent fee structure.

From 21 July 2016 under the new structure the deposit and administration fee will remain. A new official receiver’s general fee will be introduced. This will replace the current Secretary of State fee, which will no longer apply to cases where orders are made on or following the commencement date.

The general fee will be charged on all cases and will be at a fixed level, currently set at £6,000.

There is a new Trustee/liquidator fee will be charged on assets realised by the official receiver when carrying out the duties of trustee or liquidator, which is set at 15% of assets realised.

There are also two new fees related directly to the activities they fund. These are the dismissed/withdrawn petition fee of £50, and the income payments agreement/order set up fee, which is £150.

The distribution fee charged when a distribution is made to creditors by the official receiver, when acting as trustee / liquidator, will remain the same

There are increases in the bankruptcy deposit and the company winding up deposit, while the company administration fee doubles, up from £2,520 to £5,000.

The Insolvency Service said the new fee structure has been designed to achieve as close to full cost recovery as possible and will work on the principle of matching revenue to work carried out.

Meanwhile, Andrew Tate, president of UK insolvency trade body R3, has warned that leaving the EU following last week’s referendum vote, will have a major impact on the way corporate insolvency works in the UK.

‘While domestic insolvency legislation itself is likely to be unaffected, the insolvency profession is involved in a lot of cross-border work in Europe. One key change is that it could become much harder to retrieve assets on behalf of creditors from across Europe. With some exceptions, once the UK leaves, a UK insolvency practitioner’s powers may no longer be automatically recognised elsewhere in Europe, nor will UK insolvency proceedings enjoy automatic recognition. New deals will need to be negotiated.

‘The decision to leave comes as the government is in the middle of renewing the UK’s corporate insolvency framework. This is an incredibly complex and important project, but there may now be some uncertainty around the future of this work. Some of the proposals have their origin in EU harmonisation programmes, while it’s not clear where insolvency reform will fit on the government’s agenda in the next couple of months.’

Details of the changes to the Insolvency Service fees are here.