PARTS 1 TO 4 COMPANY INSOLVENCY; COMPANIES WINDING UP

PART 4 COMPANIES WINDING UP

CHAPTER 11 THE LIQUIDATOR
SECTION D: REMUNERATION

4.134 Fixing of remuneration
1 The liquidator is entitled to receive remuneration for his services as such.
2 The remuneration shall be fixed either—
(a) as a percentage of the value of the assets which are realised or distributed, or of the one value and the other in combination, or
(b) by reference to the time properly given by the responsible insolvency practitioner (as liquidator) and his staff in attending to matters arising in the winding up.
3 Where the liquidator is other than the official receiver, it is for the liquidation committee (if there is one) to determine whether the remuneration is to be fixed under paragraph (2)(a) or (b) and, if under paragraph (2)(a), to determine any percentage to be applied as there mentioned.
4 In arriving at that determination, the committee shall have regard to the following matters—
(a) the complexity (or otherwise) of the case,
(b) any respects in which, in connection with the winding up, there falls on the responsible insolvency practitioner (as liquidator) any responsibility of an exceptional kind or degree,
(c) the effectiveness with which the responsible insolvency practitioner appears to be carrying out, or to have carried out, his duties as liquidator, and
(d) the value and nature of the assets with which the liquidator has to deal.
5 If there is no liquidation committee, or the committee does not make the requisite determination, the liquidator's remuneration may be fixed (in accordance with paragraph (2)) by a resolution of a meeting of creditors; and paragraph (4) applies to them as it does to the liquidation committee.
6 If not fixed under paragraphs (2) to (5), the liquidator's remuneration shall be in accordance with the scale laid down for the official receiver by general regulations.
[E.R.4.127]