The Insolvency (Amendment) Rules (Northern Ireland) 2006

Insertion of new Rule 6.135A

71.  After Rule 6.135 there shall be inserted—

“Trustee’s remuneration where it is not fixed in accordance with Rule 6.135

6.135A.— (1) This Rule applies where the trustee is not the official receiver and his remuneration is not fixed in accordance with Rule 6.135.

(2) Subject to paragraph (3), the trustee shall be entitled by way of remuneration for his services as such, to such sum as is arrived at by—

(a) first applying the realisation scale set out in Schedule 4 to the monies received by him from the realisation of the assets of the bankrupt (including any Value Added Tax thereon but after deducting any sums paid to secured creditors in respect of their securities and any sums spent out of money received in carrying on the business of the bankrupt); and

(b) then by adding to the sum arrived at under sub-paragraph (a) such sum as is arrived at by applying the distribution scale set out in Schedule 4 to the value of assets distributed to creditors of the bankrupt (including sums paid in respect of preferential debts).

(3) That part of the trustee’s remuneration calculated by reference to the realisation scale shall not exceed such sum as is arrived at by applying the realisation scale to such part of the bankrupt’s assets as are required to pay the items referred to in paragraph (4).

(4) The items referred to in paragraph (3) are—

(a) the bankruptcy debts (including any interest payable by virtue of Article 300(4)) to the extent required to be paid by these Rules (ignoring those debts paid otherwise than out of the proceeds of the realisation of the bankrupt’s assets or which have been secured to the satisfaction of the court);

(b) the expenses of the bankruptcy other than—

(i) fees or the remuneration of the official receiver; and

(ii) any sums spent out of money received in carrying on the business of the bankrupt;

(c) fees payable by virtue of any order made under Article 361; and

(d) the remuneration of the official receiver.

[E.R. 6.138A]”