Statutory Bond Charge for closing company

Everyday Islamic Finance Business and Career Questions
#1

Assalamualaikum Warahmatullahi Wabarakaatuh,

I was looking to close my Limited Company. The insolvency company charge an MVL fee plus disimbursements-one being statutory adverts and the other statutory bond. They describe the bond fee as:

‘A compulsory bond needs to be taken out. This provides the directors with security whilst funds are under the control of Clarke Bell. The bond fee is dependent on the assets of the company. (The typical bond fee is between £80 – £240.)’

My knowledge of this area is unfortunately limited so I wanted to check whether it is islamically lawful for me to pay this charge.

Jazaakallah Khair.

#2

Assalaamu alaykum,

It is a legal requirement that a statutory bond must be taken out upon an insolvency practitioner being appointed to handle a solvent liquidation.

#3

JazaakAllah Khair Mufti Faraz. May Allah reward you and your team for your efforts.

Sorry below might be a silly question, so forgive me if i have misunderstood.

Just wanted to clarify with regards to the Islamic perspective on paying the Statutory bond fee? ie is it a grey area? Or is it a straightforward fee to pay without any question as it is a legal requirement?

Jazaakallah Khair.