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IPs charge on the basis of 6 minute units like we do. The reason their charge out rates are so high is because their recovery rates are so low, as are ours as insolvency solicitors.

When I say that insolvency Litigation is the only true no win no fee, that it correct. The Insolvency Rules provide that if there are no funds in a case, the expenses incurred by the IP do not need to be paid, or abate pro rata. You chose to take PI on CFA's and not everyone does, particularly where they have before the event insurance.

Further, every expense must be paid before the IP is entitled to get a penny.

This bashing of insolvency practitioners and their lawyers is based upon ignorance and prejudice.

Be that as it may, the insolvency exemption should remain as it is firmly in the public interest.