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Bill of costs, charges or expenses to be assessed generally

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

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—(1) Subject to this rule, no payment in respect of any bill of costs, charges or expenses in respect of a solicitor, manager, accountant, auctioneer, broker or other person employed or engaged by a liquidator in the winding up of a company may be allowed out of the assets of the company without proof that the costs, charges or expenses have been duly assessed and allowed by the Registrar.(2) Paragraph (1) does not apply to —(a)a payment for costs or expenses incurred and sanctioned under regulation 31(2) of the Court-Ordered Winding Up Regulations; or(b)a payment in respect of a bill of costs, charges or expenses where such costs, charges or expenses —(i)do not exceed the sum of $10,000; or(ii)exceed the sum of $10,000 but do not exceed the sum of $100,000, and have been approved for payment by the committee of inspection in question. (3) Despite paragraph (2)(b) but subject to paragraph (4), the Official Receiver may, either of his or her own volition or upon request by any creditor, contributory, member or the liquidator (if not the Official Receiver) of the company, require that any bill of costs, charges or expenses be assessed by the Registrar before payment is made in respect of the bill. (4) The Official Receiver must not require any bill of costs, charges or expenses delivered by a person in respect of work done by the person in a winding up to be assessed unless —(a)the Official Receiver has reasonable grounds to believe that —(i)the costs, charges or expenses under the bill are excessive; or(ii)the aggregate of the costs, charges or expenses under 2 or more bills delivered by the person in respect of work done by the person in the winding up is excessive; or(b)the Official Receiver is satisfied that it is in the interest of the creditors, contributories and members of the company that the bill of costs, charges or expenses be assessed.

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