Final UPC court fees announced
26 February 2016
The UPC Preparatory Committee has today announced the finalised court fees, including some notable changes.
Now that much of the procedure for opting out of the UPC has been finalised, the committee has recognised that the administrative burden involved in processing a request to opt out would not be as complex as first anticipated. As a result, the decision was made to abolish the fee altogether.
Beyond the removal of the opt-out fee, recoverable costs have been reduced across the scale. At the lower end, wherein the value of the proceeding is up to €250,000, costs are recoverable up to €38,000. This is down from €50,000 in the previous proposal. At the higher end of the scale, for proceedings valued at more than €50,000,000, recoverable costs are capped at €2,000,000, 33% lower than previously proposed.
For further details on the changes to the UPC court fees, please find the full release from the Preparatory Committee here.
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© Withers & Rogers LLP, February 2016