Article 19 Insertion of new Rule 4.148B

After Rule 4.148A there is inserted—

“Liquidator’s remuneration in members' voluntary liquidation where it is not fixed under Rule 4.148A

4.148B

(1)

This Rule applies where the liquidator’s remuneration is not fixed in accordance with Rule 4.148A.

(2)

The liquidator 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 6 to the monies received by him from the realisation of the assets of the company (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 company); 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 6 to the value of assets distributed to creditors of the company (including payments made in respect of preferential debts) and to contributories.”.