Rule 2.109 Creditors' claim that remuneration is excessiveF1

Any creditor of the company may, with the concurrence of at least 25 per cent in value of the creditors (including himself), apply to the court for an order that the administrator’s remuneration be reduced, on the grounds that it is, in all the circumstances, excessive.

The court may, if it thinks that no sufficient cause is shown for a reduction, dismiss it without a hearing but it shall not do so without giving the applicant at least 7 days' notice, upon receipt of which the applicant may require the court to list the application for a without notice hearing. If the application is not dismissed, the court shall fix a venue for it to be heard, and give notice to the applicant accordingly.

The applicant shall, at least 14 days before the hearing, send to the administrator a notice stating the venue and accompanied by a copy of the application, and of any evidence which the applicant intends to adduce in support of it.

If the court considers the application to be well-founded, it shall make an order fixing the remuneration at a reduced amount or rate.

Unless the court orders otherwise, the costs of the application shall be paid by the applicant, and are not payable as an expense of the administration.