The Remuneration of Office Holders in Corporate Insolvency - Liquidators, Administrators and Administrative Receivers: Part 1
Insolvency Lawyer, Vol. 3, pp. 101-117, May 2003
41 Pages Posted: 22 Jan 2009
Date Written: January 16, 2009
This, the first part of a two part article, reviews the development of UK case law relating to office holders' remuneration following corporate insolvency and considers the impact of professional guidance, such as the 1998 Ferris Report on the Remuneration of Office Holders and Certain Related Matters. Outlines: (1) the position of provisional and voluntary liquidators under the Insolvency Rules 1986, including the Chancery Division decision in Re Independent Insurance Co Ltd (In Provisional Liquidation) and the situation of the official receiver; (2) the position of administrators under the Insolvency Act 1986; and (3) the position of administrative receivers, including the Chancery Division Decision in Mirror Group Newspapers Plc v Maxwell (No. 2) and the impact of the Enterprise Act 2002. Examines the Ferris Report's recommendations concerning the criteria for establishing remuneration levels, the Statement of Insolvency Practice 9 (SIP 9) guide, the Insolvency Service's Dear IP letter and the measures for improvement formulated by Mr Justice Lightman in a 1998 address to the Insolvency Lawyers Association.
Keywords: insolvency, debtor, creditor, remuneration, ferris report, enterprise act 2002, re independent insurance, administrative receiver
JEL Classification: K00
Suggested Citation: Suggested Citation