The Insolvency (Amendment) Rules 2015

Amendments to the 1986 Rules

3.—(1) Rule 2.106 (fixing of remuneration) of the 1986 Rules is amended as follows.

(2) In paragraph (2)(b)—

(a) omit “(as administrator)”, and

(b) for “arising in the administration” substitute “as set out in the fees estimate”.

(3) After paragraph (2) insert—

“(2A) Where the administrator proposes to take all or any part of the remuneration on the basis set out in paragraph (2)(b), the administrator must, prior to the determination of which of the bases set out in paragraph (2) are to be fixed, give to each creditor of the company of whose claim and address the administrator is aware—

(a) the fees estimate, and

(b) details of the expenses the administrator considers will be, or are likely to be, incurred.

(2B) The fees estimate and details of expenses given under paragraph (2A) may include remuneration anticipated to be charged and expenses anticipated to be incurred if the administrator becomes the liquidator where the administration moves into winding up.

(2C) Save where the administrator has given the information under paragraph (2A), the administrator must, prior to the determination of which of the bases set out in paragraph (2) are to be fixed, give to each creditor of the company of whose claim and address the administrator is aware, details of—

(a) the work the administrator proposes to undertake, and

(b) the expenses the administrator considers will be, or are likely to be, incurred.”.

(4) In paragraph (6), for “(3)” substitute “(3C)”.