The Insolvency (Amendment) Rules 2010

Amendments to Rule 4.148A

228.—(1) Rule 4.148A (remuneration of liquidator in members’ voluntary winding up) is amended as follows.

(2) In paragraph (2), for “The remuneration shall be fixed either” substitute “The basis of remuneration shall be fixed”.

(3) For all the words in paragraph (2) after sub-paragraph (b) substitute—

“, or

(c) as a set amount.

(2A) The basis of remuneration may be fixed as any one or more of the bases set out in paragraph (2), and different bases may be fixed in respect of different things done by the liquidator.

(2B) Where the basis of remuneration is fixed as set out in paragraph (2)(a), different percentages may be fixed in respect of different things done by the liquidator.

(2C) It is for the company in general meeting to determine—

(a) which of the bases set out in paragraph (2) are to be fixed and (where appropriate) in what combination under paragraph (2A), and

(b) the percentage or percentages (if any) to be fixed under paragraphs (2)(a) and (2B) and the amount (if any) to be set under paragraph (2)(c).”.

(4) For paragraph (4) substitute—

“(4) If not fixed as above, the basis of the liquidator’s remuneration shall, on application by the liquidator, be fixed by the court, and the provisions of paragraphs (2) to (3) apply as they do to the fixing of the basis of remuneration by the company in general meeting; but such an application may not be made by the liquidator unless the liquidator has first sought fixing of the basis in accordance with paragraph (2C), and in any event may not be made more than 18 months after the date of the liquidator’s appointment.”.

(5) For paragraph (6) substitute—

“(6) If the liquidator considers that the basis of the remuneration fixed by the company in general meeting is insufficient or inappropriate, the liquidator may apply to the court for an order changing it or increasing its amount or rate.”.

(6) In paragraph (7), after “paragraph” insert “(4) or”.