Financial Implications
82. The increase in revenue for the Insolvency and Trustee Service from the fees proposed in the Cabinet paper would be $302,000 in the 2008/2009 year, $458,000 in 2009/2010 and the out-years.
83. There is a shortfall in funding to address the impact of the Insolvency law reform on the Insolvency and Trustee Service which conferred a number of new functions on the Official Assignee from 2008/09 and out-years. These changes reflect the additional fees which will be collected, but this revenue will only partially fund the shortfall. On 19 April 2007, Cabinet directed officials to investigate options to part or fully fund additional responsibilities for the Insolvency Trustee Service outputs through recovery methods beyond 2007/2008, and report back on these options by 31 December 2007 [CAB Min (07) 12/1(8) refers].
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