Article 51 Determination of outlays and remunerationI1

Scotland

(1)

Within two weeks after the end of an accounting period, the postal administrator shall in respect of that period submit to the court—

(a)

the postal administrator’s accounts of the postal administrator’s intromissions with the assets of the company for audit and, where funds are available after making allowance for contingencies, a scheme of division of the divisible funds; and

(b)

a claim for the outlays reasonably incurred by the postal administrator and for the postal administrator’s remuneration.

(2)

The postal administrator may, at any time before the end of an accounting period, submit to the court an interim claim in respect of that period for the outlays reasonably incurred by the postal administrator and for the postal administrator’s remuneration and the court may make an interim determination in relation to the amount of the outlays and remuneration payable to the postal administrator and, where it does so, it shall take into account that interim determination when making its determination under paragraph (3)(a)(ii).

(3)

Within six weeks after the end of an accounting period—

(a)

the court—

(i)

may audit the accounts; and

(ii)

shall issue a determination fixing the amount of the outlays and the remuneration payable to the postal administrator; and

(b)

the postal administrator shall make the audited accounts, scheme of division and the determination available for inspection by the members and the creditors.

(4)

The basis for fixing the amount of the remuneration payable to the postal administrator may be a commission calculated by reference to the value of the company’s assets which have been realised by the postal administrator, but there shall in any event be taken into account—

(a)

the work which, having regard to that value, was reasonably undertaken by the postal administrator; and

(b)

the extent of the postal administrator’s responsibilities in administering the company’s assets.

(5)

In fixing the amount of such remuneration in respect of any accounting period, the court may take into account any adjustment which it may wish to make in the amount of the remuneration and outlays fixed in respect of any earlier accounting period.

(6)

Not later than eight weeks after the end of an accounting period, the postal administrator or any creditor may appeal against a determination issued under paragraph (2) or (3)(a)(ii) above and the decision of the court on such appeal shall be final.

(7)

The court may, if it appears to be a proper case, order the expenses in relation to any such appeal of the postal administrator or any creditor appearing or being represented to be paid as an expense of the administration.

(8)

Where there are joint postal administrators—

(a)

it is for them to agree between themselves as to how the remuneration payable should be apportioned;

(b)

if they cannot agree as to how the remuneration payable should be apportioned, any one of them may refer the issue for determination by the court.

Annotations

Commencement

I1: Rule 51 in force at 1.10.2016, see rule 1