Article 15 Fixing of remuneration

In Rule 2.107—

(1)

in paragraph (2)—

(a)

for “The remuneration” substitute “The basis of remuneration”;

(b)

omit “either”; and

(c)

at the end of paragraph (2)(b) insert—

“; or

(c)
as a set amount.”.

(2)

for paragraph (3), substitute—

“(3)
The basis of remuneration may be fixed as any one or more of the bases set out in paragraph (2) of this Rule, and different bases may be fixed in respect of different things done by the administrator.”.

(3)

after paragraph (3), insert—

“(3A)
Where the basis of remuneration is fixed as set out in paragraph (2)(a) of this Rule, different percentages may be fixed in respect of different things done by the administrator.

(3B)
It is for the creditors’ committee (if there is one) to determine—

(a)
which of the bases set out in paragraph (2) are to be fixed and (where appropriate) in what combination under paragraph (3); and

(b)
the percentage or percentages (if any) to be fixed under paragraphs (2)(a) and (3A) and the amount (if any) to be set under paragraph (2)(c).”.

(4)

in paragraph (5), after “determination,” insert “and the case does not fall within paragraph (6) of this Rule, the basis of”.

(5)

in each of paragraphs (5) and (6), for “paragraph (2)”, substitute “paragraphs (2), (3) and (3A)”.

(6)

in paragraph (6), after “determination,”, insert “the basis of”.

(7)

in paragraph (7), after “of this Rule,”, insert “the basis of”.

(8)

at the end of paragraph (7) insert—

“and the provisions of paragraphs (2) to (4) of this Rule apply as they do to the fixing of the basis of remuneration by the creditors’ committee; but no such application may be made by the administrator unless the administrator has first sought fixing of the basis in accordance with paragraph (3B), (5) or (6) of this Rule, and in any event may not be made more than 18 months after the date of the administrator’s appointment”.