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Insolvency Law

Expert guidance on all aspects of corporate and personal insolvency

22 MAY 2013

Re Blair Carnegie Nimmo as Liquidator of St Margaret’s School Edinburgh Ltd [2013] CSOH 4; [2013] BPIR 188

(Court of Session, Outer House, Lord Malcolm, 11 January 2013)

The Scottish court gave guidance as to the remuneration of a provisional liquidator of a company, who had been later appointed as interim liquidator and then, at the first meeting of creditors, as liquidator. He had asked the court to fix his remuneration as provisional liquidator at £120,344.75 plus VAT for 421 hours work, and for the periods of the interim and full liquidation the creditors committee had approved remuneration in the sum of £502,659 exclusive of VAT. Both the reporting accountant and the auditor of the court reported that remuneration should be allowed in the sum claimed. The Court approved the remuneration, emphasizing: (i) The office holder had to tender and be able to justify an explanation of what he had achieved and how it was achieved to enable the value of the exercise to be assessed and to establish that the time spent was properly spent on the case; (ii) Any element of doubt as to the appropriateness, fairness or reasonableness of the claimed fee should be resolved against the appointee; (iii) Weight should be given to the fact that the appointee was a member of a regulated profession; (iv) The fee should reflect and reward the value of the service rendered not simply reimbursement in respect of time expended and cost incurred. 

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