Regulation 23 Remuneration payable to trustee under protected trust deedI1
Scotland
For work done by the trustee in administering the trust, the trustee under a protected trust deed is entitled to remuneration which may consist F1only of—
a fixed fee which must be set out in the Form 3 (“fixed fee”);
an additional fee based upon a percentage of the total assets and contributions realised by the trustee which must be set out in the Form 3; and
outlays incurred after the date on which the trust deed was granted F2or before that date on a single valuation of any item of the debtor’s heritable estate specified or valued in such a valuation.
In the event of unforeseen circumstances, the fixed fee may be increased by—
approval by a majority in value of the notified creditors; or
all notified creditors having first been asked to approve the increase, approval by the Accountant.
The Accountant is to approve an increase in the fixed fee if satisfied—
that a F3majority in value of the notified creditors have not refused to approve the increase in the fixed fee; and
that the increase in the fixed fee is required for work to be completed by the trustee for the benefit of the creditors generally that was not foreseen in submitting the Form 3.
In deciding whether or not to grant the approval mentioned in paragraph (2)(b), the Accountant may determine the amount of any increase in the fixed fee.
The trustee is entitled to include work done in seeking to comply with regulation 6 (whether or not a secured creditor has agreed not to claim under the trust deed) in the fixed fee and any outlays incurred.
Any debt due to a third party for work done before the granting of the trust deed does not rank higher than any other creditor’s claim.
The trustee is entitled to recover from the debtor’s estate any audit fee charged by the Accountant under paragraph 1 or 1A of Schedule 5 to the Act in accordance with the rate specified in the Table of Fees in Schedule 1 to the F4Bankruptcy Fees (Scotland) Regulations 2014.
The Accountant may, at any time, audit the trustee’s accounts and fix the outlays of the trustee in the administration of the trust.
Annotations
Textual amendments
- F1
Word in reg. 23(1) inserted (1.4.2015) by The Common Financial Tool etc. (Scotland) Regulations 2014 (S.S.I. 2014/290), regs. 1, 10(2) (with reg. 11)
- F2
Words in reg. 23(1)(c) inserted (1.4.2015) by The Common Financial Tool etc. (Scotland) Regulations 2014 (S.S.I. 2014/290), regs. 1, 9 (with reg. 11) (as amended by The Common Financial Tool etc. (Scotland) Amendment Regulations 2015 (S.S.I. 2015/149), regs. 1, 4(7))
- F3
Words in reg. 23(3)(a) substituted (1.4.2015) by The Common Financial Tool etc. (Scotland) Regulations 2014 (S.S.I. 2014/290), regs. 1, 8(2) (with reg. 11)
- F4
Words in reg. 23(7) substituted (1.4.2015) by The Common Financial Tool etc. (Scotland) Regulations 2014 (S.S.I. 2014/290), regs. 1, 10(3) (with reg. 11)
Commencement
- I1
Reg. 23 in force at 28.11.2013, see reg. 1