Rule 2.67 C1F1
England and Wales
The expenses of the administration are payable in the following order of priority—
expenses properly incurred by the administrator in performing his functions in the administration of the company;
the cost of any security provided by the administrator in accordance with the Act or the Rules;
where an administration order was made, the costs of the applicant and any person appearing on the hearing of the application and where the administrator was appointed otherwise than by order of the court, any costs and expenses of the appointor in connection with the making of the appointment and the costs and expenses incurred by any other person in giving notice of intention to appoint an administrator;
any amount payable to a person employed or authorised, under Chapter 5 of this Part of the Rules, to assist in the preparation of a statement of affairs or statement of concurrence;
any allowance made, by order of the court, towards costs on an application for release from the obligation to submit a statement of affairs or statement of concurrence;
any necessary disbursements by the administrator in the course of the administration (including any expenses incurred by members of the creditors' committee or their representatives and allowed for by the administrator under Rule 2.63, but not including any payment of corporation tax in circumstances referred to in sub-paragraph (j) below);
the remuneration or emoluments of any person who has been employed by the administrator to perform any services for the company, as required or authorised under the Act or the Rules;
the remuneration of the administrator agreed under Chapter 11 of this Part of the Rules;
the amount of any corporation tax on chargeable gains accruing on the realisation of any asset of the company (without regard to whether the realisation is effected by the administrator, a secured creditor, or a receiver or manager appointed to deal with a security).
The priorities laid down by paragraph (1) of this Rule are subject to the power of the court to make orders under paragraph (3) of this Rule where the assets are insufficient to satisfy the liabilities.
The court may, in the event of the assets being insufficient to satisfy the liabilities, make an order as to the payment out of the assets of the expenses incurred in the administration in such order of priority as the court thinks just.
For the purposes of paragraph 99(3), the former administrator’s remuneration and expenses shall comprise all those items set out in paragraph (1) of this Rule.
Annotations
Textual amendments
- F1
Pt. 2 substituted (15.9.2003) by The Insolvency (Amendment) Rules 2003 (S.I. 2003/1730), rule 1(2), Sch. 1 para. 9 (with rule 5(2)-(4))
- F2
Rule 2.67(4) inserted (1.4.2005) by The Insolvency (Amendment) Rules 2005 (S.I. 2005/527), rules 1(2), 8 (with rule 3(1))
Modifications
- C1
Rule 2.67 modified (6.3.2008) by The Regulated Covered Bonds Regulations 2008 (S.I. 2008/346), reg. 1(1), Sch. para. 7(2)