SCHEDULE 7

PART 69COURT'S POWER TO APPOINT A RECEIVER

Receiver’s remuneration69.7

1

A receiver may only charge for his services if the court—

a

so directs; and

b

specifies the basis on which the receiver is to be remunerated.

2

The court may specify—

a

who is to be responsible for paying the receiver; and

b

the fund or property from which the receiver is to recover his remuneration.

3

If the court directs that the amount of a receiver’s remuneration is to be determined by the court—

a

the receiver may not recover any remuneration for his services without a determination by the court; and

b

the receiver or any party may apply at any time for such a determination to take place.

4

Unless the court orders otherwise, in determining the remuneration of a receiver the court shall award such sum as is reasonable and proportionate in all the circumstances and which takes into account—

a

the time properly given by him and his staff to the receivership;

b

the complexity of the receivership;

c

any responsibility of an exceptional kind or degree which falls on the receiver in consequence of the receivership;

d

the effectiveness with which the receiver appears to be carrying out, or to have carried out, his duties; and

e

the value and nature of the subject matter of the receivership.

5

The court may refer the determination of a receiver’s remuneration to a costs judge.