Rule 4.35 Creditors' claim that remuneration is excessive

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

rule 1.12-1.16E applied 2016 asp 21 s. 14B (as inserted) by Insolvency (Regulation (EU) 2015/848) 2017 reg. 4(8)
Rules applied (with modifications) by Building Society Special Administration 2009 rule 38-41
Rules applied (with modifications) by Limited Liability Partnerships 2001 reg. 6(1)
Rules specified provisions applied (with modifications) by Collective Investment in Transferable Securities (Contractual Scheme) 2013 Sch. 4
rule 4.35 applied (with modifications) by Building Society Insolvency 2010 rule 49

(1)

If the liquidator's remuneration has been fixed by the liquidation committee or by the creditors, any creditor or creditors of the company representing in value at least 25 per cent of the creditors may apply to the court for an order that the liquidator's remuneration be reduced, on the grounds that it is, in all the circumstances, excessive.

(2)

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

(3)

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