Insolvency Act · s 26

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)

26.
Power of Court to fix remuneration of receivers or managers
(1) The Court may, on application by the liquidator of a company, by order fix the amount to be paid by way of remuneration to any person who, under the powers contained in any instrument, has been appointed as receiver or manager of the property of the company or of the property in Brunei
Darussalam of any other corporation.
(2) The power of the Court shall, where no previous order has been made with respect thereto —
(a) extend to the fixing of the remuneration for any period before the making of the order or the application for the order;
(b) be exercisable notwithstanding that the receiver or manager has died or ceased to act before the making of the order or the application for the order; and
(c) where the receiver or manager has been paid or has retained for his remuneration for any period before the making of the order any amount in excess of that fixed for that period, extend to requiring him or his personal representatives to account for the excess or such part thereof as may be specified in the order.
(3) The power conferred by subsection (2)(c) shall not be exercised as respects any period before the making of the application for the order unless in the opinion of the Court there are special circumstances making it proper for the power to be so exercised.
(4) The Court may, on an application made by the liquidator or by the receiver or manager, amend an order made under this section.
Duties and liabilities

Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 26Power of Court to fix remuneration of receivers or managers

(1)

The Court may, on application by the liquidator of a company, by order fix the amount to be paid by way of remuneration to any person who, under the powers contained in any instrument, has been appointed as receiver or manager of the property of the company or of the property in Brunei

Darussalam of any other corporation.

(2)

The power of the Court shall, where no previous order has been made with respect thereto —

(a)

extend to the fixing of the remuneration for any period before the making of the order or the application for the order;

(b)

be exercisable notwithstanding that the receiver or manager has died or ceased to act before the making of the order or the application for the order; and

(c)

where the receiver or manager has been paid or has retained for his remuneration for any period before the making of the order any amount in excess of that fixed for that period, extend to requiring him or his personal representatives to account for the excess or such part thereof as may be specified in the order.

(3)

The power conferred by subsection (2)(c) shall not be exercised as respects any period before the making of the application for the order unless in the opinion of the Court there are special circumstances making it proper for the power to be so exercised.

(4)

The Court may, on an application made by the liquidator or by the receiver or manager, amend an order made under this section.

Duties and liabilities