Practical Law UK Glossary 7-385-1107 (Approx. 3 pages)
Glossary
Expense (insolvency)
The costs and expenses properly incurred by an insolvency practitioner in the course of their appointment over an insolvent estate in an insolvency process. Insolvency expenses are paid out of asset realisations before any distribution to the holders of floating charges or unsecured creditors. What ranks as an insolvency expense is defined by:
Rules 3.50 to 3.52 of the Insolvency (England and Wales) Rules 2016 (SI 2016/1024) (IR 2016) (administration).
Rule 6.42 of the IR 2016 (creditors' voluntary liquidation).
Rule 7.108 of the IR 2016 (compulsory liquidation).