Regulation 12 Remuneration of the reorganisation controller

(1)

The reorganisation controller shall be entitled to receive remuneration and to recover expenses properly incurred in connection with the performance of his functions under or in connection with a Lloyd's market reorganisation order.

(2)

Subject to paragraph (3), the remuneration so charged is payable by—

(a)

members,

(b)

former members,

(c)

the Society, and

(d)

managing agents.

(3)

The court must give directions as to the payment of the remuneration and expenses of the reorganisation controller and in particular may provide for—

(a)

apportionment of the amounts so charged between the classes of persons set out in paragraph (2) and between groups of persons within those classes; and

(b)

payment of such remuneration and expenses out of relevant trust funds.

(4)

Amounts of such remuneration and expenses paid by any of the persons described in paragraph (2) are to be treated as payments of the expenses of a liquidator, administrator, trustee in bankruptcy or in Scotland an interim or permanent trustee.

(5)

The reorganisation controller may pay the reasonable charges of those to whom he has addressed a request for assistance or information under regulation 11 or anyone else from whom he has requested assistance in the performance of his functions.

(6)

The provision of such information or assistance in good faith does not constitute a breach of

(a)

any duty owed by any person involved in its preparation or delivery to any company or partnership of which he is an officer, member or employee,

(b)

any duty owed by an agent to his principal, or

(c)

any duty of confidence, subject to sections 348 and 349 of the 2000 Act.