Section 197A: Remuneration of receiver
This section is inserted by Act No 4 of 2017, section 11.
consolidated text (as at 2017, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
197A. Remuneration of receiver
(1) A receiver shall be entitled to receive
remuneration at such rates as may be determined –
(a) by the chargee, where the receiver is
appointed pursuant to an instrument of
charge; or
(b) by the Court, where the receiver is
appointed pursuant to an application made
under section 186.
(2) (a) The remuneration referred to in
subsection (1) shall not exceed such percentage, as may be
prescribed, of the gross realisation proceeds on disposal of
assets and any amount received in respect of the property in
receivership.
(b) A receiver shall, in addition to a
remuneration, be entitled to the reasonable costs of storage of
records required to be kept under section 197(7)(b).
(m) by inserting, after section 376, the following new section –
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Questions this section answers
- Who decides how much a company receiver gets paid?
- Is a receiver's pay capped as a share of the sale proceeds of the company's assets?