Article 5.9 RemunerationC1

Scotland

(1)

The remuneration of the provisional liquidator is to be fixed by the court from time to time on the application of the provisional liquidator.

(2)

The basis for fixing the amount of the remuneration payable to the provisional liquidator may be a commission calculated by reference to the value of the company's assets with which the provisional liquidator has had to deal.

(3)

But there is in any event to be taken into account—

(a)

the work which, having regard to that value, was reasonably undertaken by the provisional liquidator;

(b)

the extent of the provisional liquidator's responsibilities in administering the company's assets.

(4)

Without prejudice to any order the court may make as to expenses, the remuneration of the provisional liquidator must be paid to the provisional liquidator, and the amount of any expenses incurred by the provisional liquidator (including the remuneration and expenses of any special manager appointed under section 177) reimbursed—

(a)

if a winding-up order is not made, out of the property of the company; and

(b)

if a winding-up order is made, as an expense of the liquidation.

(5)

Unless the court otherwise directs, where a winding up order is not made, the provisional liquidator may retain out of the company's property such sums or property as are or may be required for meeting the remuneration and expenses of the provisional liquidator.

Annotations

Modifications

C1: Rule 5.9(4) applied by S.I. 1999/2979, reg. 14(5)(a)(ii) (as amended (23.4.2019) by The Financial Services and Markets (Insolvency) (Amendment of Miscellaneous Enactments) Regulations 2019 (S.I. 2019/755), regs. 1, 2(2)(b))