My sincere apologies for making a mistake in yesterday’s posting.

I expressed the view that a director’s contribution to the costs of a liquidation need not be bonded, however Gareth Limb of Compliance on Call (thank you, Gareth) has pointed out to me that paragraph 1 of schedule 2 of the Insolvency Practitioners Regulations 2005 defines “insolvent’s assets” as “all assets comprised in the insolvent’s estate together with any monies provided by a third party for the payment of the insolvent’s debts or the costs and expenses of administering the insolvent’s estate”, thus the calculation for the bond level does need to include a director’s contribution to costs.

I will edit yesterday’s post (and apologise in advance to my followers if that means they receive a third email!), but I wanted to post this also as a separate entry for those who have already read yesterday’s post.