Remuneration and reimbursement of judicial factor
25.Section 11(1) entitles judicial factors to be remunerated for carrying out their functions as judicial factor. Subsection (2)(a) places a requirement on the Accountant to fix rates of such remuneration, after carrying out appropriate consultation. Paragraph (b) requires the Accountant to consult each individual judicial factor appointed and to set the frequency of payment for that judicial factor following that consultation.
26.Subsection (3) allows the Accountant to fix different payment rates in respect of different kinds of work that might be carried out by judicial factors, or for different circumstances. It also allows the Accountant to fix different rates for interim judicial factors. Subsection (4) requires the Accountant to review the rates of payment at least annually. Under subsection (5), the remuneration payable to a particular judicial factor does not require to be fixed in accordance with this section – for example, a rate of remuneration might be fixed for a particular judicial factor which is not based on any consultation having been carried out.
27.Subsection (6) allows judicial factors to appeal to the court which appointed that judicial factor in relation to both the rate and frequency of remuneration determined by the Accountant in relation to that judicial factor. Subsection (7) makes clear that there is no further right of appeal in relation to a determination by the court following an appeal made under subsection (6). Subsection (8) allows the judicial factor to recover from the factory estate any outlays which the judicial factor incurs in carrying out their functions, whenever those outlays are incurred.
