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Administration
The administrator's proposals must state the basis on which it is proposed that remuneration should be fixed.Preadministration costs to be included in proposals The administrator's proposals must also include a statement of any pre-administration costs [for which approval for payment is to be sought]. See below under Pre-administration costs.
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Court Liquidations
Remuneration may be fixed – (a) as a percentage of the value of the assets which are realised, but there shall in any event be taken into account (i) the work which, having regard to that value, was reasonably undertaken; and (ii) the extent of the responsibilities in administering those assets (b) The creditors at the first meeting of creditors may resolve, inter alia, unless a liquidation committee is to be established, the terms on which the liquidator is to be remunerated. Priority The court may, in the event of the assets being insufficient to satisfy the liabilities, make an order as to the payment out of the assets, of the expenses incurred in the winding up in such order of priority as the court thinks just.
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Creditors' Voluntary Liquidations
Remuneration may be fixed; (a) as a percentage of the value of the assets which are realised , but there shall in any event be taken into account: (i) the work which, having regard to that value, was reasonably undertaken; and (ii) the extent of the responsibilities in administering those assets. In a Creditors' Voluntary Liquidation there is no provision to allow the first meeting of creditors to resolve, in the absence of a liquidation committee being established, the terms on which the liquidator will be remunerated.
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Members' Voluntary Liquidation
There are no statutory provisions relating to the fixing of remuneration in members’ voluntary liquidations. It is recommended that the liquidator’s remuneration in a members’ voluntary liquidation should be determined by the members of the company in general meeting.
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Sequestration
Remuneration shall be fixed – By reference to the value of the assets which are realised, but there shall be in any event taken into account: (a) The work which, having regard to the value, was reasonably undertaken, and (a) The extent of the responsibilities in administering the estate.In fixing the amount the Commissioners or the Accountant in Bankruptcy may take into account any adjustment which they may wish to make to any remuneration fixed in respect of earlier periods.
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Ben LuxfordBen Luxford
Head of Technical
020 7566 4218
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