In force2020 Revised Edition

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Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 7 · Judicial Management

114. Order of priority for expenses of judicial manager and interim judicial manager

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(1)

The expenses of a judicial manager are payable in the following order of priority:

(a)

first, any debt arising from rescue financing obtained pursuant to an order under section 101(1)(b);

(b)

second, any sums payable in respect of any debts or liabilities of the company incurred during judicial management, including any debt arising from rescue financing obtained pursuant to an order under section 101(1)(a);

(c)

third, any other remuneration or expenses properly incurred by the judicial manager in performing the judicial manager’s functions in the judicial management of the company.

(2)

For the purposes of this section —

(a)

a judicial manager includes an interim judicial manager appointed under section 92 or 94(3); and

(b)

judicial management includes interim judicial management by an interim judicial manager.