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The Insolvency Regulations (Northern Ireland) 1996

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Limits on official receiver’s remuneration as trustee

35.  (1)  That part of the official receiver’s remuneration for his services as trustee which is calculated on the realisation scale set out in Table 1 of Schedule 1 shall not exceed such sum as is arrived at by:

(a)applying that scale to such part of the proceeds of the realisation of the bankrupt’s assets as is required to pay:

(i)the bankruptcy debts to the extent required to be paid by the Rules (ignoring those debts paid otherwise than out of the proceeds of the realisation of the bankrupt’s assets or which have been secured to the satisfaction of the court);

(ii)the expenses of the bankruptcy other than:

(A)fees or the remuneration of the official receiver;

(B)any sums spent out of money received in carrying on the business of the bankrupt;

(iii)fees payable under the Insolvency (Fees) Order (Northern Ireland) 1991(1) other than Fee No. 13 and Fee No. 19 in Part II of the Schedule to that Order; and

(iv)the remuneration of the official receiver other than remuneration calculated pursuant to regulation 34 by reference to the realisation scale in Table 1 of Schedule 1; and

(b)deducting from the sum arrived at under sub-paragraph (a) any sum paid in respect of Fee No. 13 in Part II of the Schedule to the Insolvency (Fees) Order (Northern Ireland) 1991.

(2) For the purposes of this regulation the expression “bankruptcy debts” shall include any interest payable by virtue of Article 300(4).

[E.R. 34]

(1)

S.R. 1991 No. 385 amended by S.R. 1992 No. 398 and S.R. 1996 No. 576

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