Section 111: Remuneration of liquidator

111. Remuneration of liquidator (1) A provisional liquidator or liquidator other than the Official Receiver shall be entitled to receive remuneration approved by the Court on presentation of a claim whether provisional or final at such rates and intervals as may be determined. (2) A liquidator other than the Official Receiver shall be entitled to receive such remuneration at such rates as may be determined— (a) subject to paragrph (b), by agreement between the liquidator and the committee of inspection; (b) failing such agreement or where there is no committee of inspection, but subject to subsection (4), by a resolution, passed at a meeting of creditors, by a majority of not less than three-fourths in value and one half in number of the creditors present in person or by proxy and voting at the meeting and whose debts have been admitted for the purpose of voting, to be convened by the liquidator by a notice to each creditor accompanied by a statement of all his expenses incurred by the liquidator and the amount of remuneration sought by him; or (c) failing an agreement referred to in paragraph (a) or (b) and where— (i) the liquidator has been provided an indemnity cover by the charge holder on the basis of 5 per cent and not more than 10 per cent of the gross realisation proceeds on disposal of assets; or (ii) where there is no indemnity cover, the fee shall be 15 per cent; and (iii) in the case of an assetless company, the fee shall be a fixed amount to be agreed upon by the appointor and the liquidator. (3) Where the remuneration of a liquidator is determined in the manner specified in subsection (2) (a), the Court may, on the application of a shareholder or shareholders whose shareholding represents not less than 10 per cent of the issued capital of the company made within 14 days of determination, confirm or vary the determination. (4) Where the remuneration of a liquidator is determined in the manner specified in subsection (2) (b) the Court may, on the application of the liquidator or a shareholder referred to in subsection (3), made within 14 days of determination, confirm or vary the determination. (5) Subject to any order of the Court, the Official Receiver when acting as a provisional liquidator or liquidator shall be entitled to receive remuneration. I14 – 67 [Issue 3] Insolvency Act