PART 18REPORTING AND REMUNERATION OF OFFICE-HOLDERS
CHAPTER 4Remuneration and expenses in administration, winding up and bankruptcy
First exception: administrator has made a statement under paragraph 52(1)(b) of Schedule B118.26.
(1)
This exception applies in an administration where—
(a)
the basis of the administrator’s remuneration has been fixed by the committee; and
(b)
the administrator has made a statement under paragraph 52(1)(b) of Schedule B1.
(2)
A request by the administrator for an increase in the rate or amount of remuneration or a change in the basis must be approved by—
(a)
the consent of each of the secured creditors; or
(b)
if the administrator has made or intends to make a distribution to preferential creditors—
(i)
the consent of each of the secured creditors, and
(ii)
a decision of the preferential creditors in a decision procedure.