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Requirement for approved cost schedule when filing application for approval, etc., of remuneration

Insolvency, Restructuring and Dissolution (Corporate Insolvency and Restructuring) Rules 2020

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—(1) Where an officeholder applies to the Court for the approval, determination or review of the officeholder’s remuneration and expenses, the officeholder must file an affidavit verifying a schedule relating to the remuneration and expenses of the officeholder (called in this Part a cost schedule) that was previously submitted to, and approved by, the approving body.(2) The cost schedule must contain all information that is necessary for the approving body to properly consider and determine the remuneration and expenses of the officeholder.(3) Without limiting paragraph (2), the cost schedule must contain the following information: (a)the work undertaken or likely to be undertaken by the officeholder arising from or in relation to the judicial management or winding up of the company, as the case may be;(b)the time spent or likely to be spent by the officeholder in undertaking the work mentioned in sub-paragraph (a);(c)the proposed basis for the determination of the remuneration of the officeholder in accordance with one or any combination of the following bases, and the reasons for such proposed basis:(i)by way of percentage;(ii)by reference to the time spent or likely to be spent by the officeholder in attending to any matter arising from or in relation to the judicial management or winding up of the company, as the case may be;(iii)a set amount;(d)where the remuneration of the officeholder is proposed to be determined (whether wholly or in part) in accordance with sub‑paragraph (c)(ii) —(i)the number of years of experience in corporate insolvency or restructuring work accumulated by each member of the staff of the officeholder who has attended or may attend to any matter arising from or in relation to the judicial management or winding up of the company, as the case may be; (ii)the rate to be charged for the officeholder and each member of the staff mentioned in sub-paragraph (i); and(iii)the estimated amount of the remuneration of the officeholder;(e)the details of the expenses that have been incurred or are likely to be incurred by the officeholder, including details of the assessed costs, charges or expenses or estimated assessed costs, charges or expenses of any solicitor, manager, accountant, broker or other person appointed or employed by the officeholder in relation to the judicial management or winding up of the company, as the case may be.

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