Remunerating Corporate Insolvency Practitioners in the United Kingdom, Australia and Singapore: The Roles of Courts

Asian Journal of Comparative Law, Vol. 13, No. 1, pp. 141-172, 2018

28 Pages Posted: 24 Feb 2017 Last revised: 6 Aug 2018

See all articles by Stacey Steele

Stacey Steele

University of Melbourne - Asian Law Centre

Meng Seng Wee

National University of Singapore (NUS) - Faculty of Law; National University of Singapore (NUS) - Centre for Law & Business

Ian Ramsay

Melbourne Law School - University of Melbourne

Date Written: November 18, 2016

Abstract

Insolvency practitioner remuneration is a vexed topic globally and the role of courts in fixing and reviewing remuneration is controversial. This article compares and contrasts the approaches adopted by the courts in United Kingdom, Australia and Singapore to the issue of fixing and reviewing corporate insolvency practitioners’ remuneration. The analysis considers the factors which the courts in the three jurisdictions consider in deciding remuneration claims including reasonableness, proportionality and the need for insolvency practitioners to justify their claims. Measures taken in each of the jurisdictions to facilitate predictability in time-based remuneration, whether through legislation, professional codes or judicial development, are examined. Various initiatives towards greater participation of external experts in deciding remuneration claims are also considered. The analysis finds that the three jurisdictions share some similarities despite jurisdictional differences but also differ in some important aspects. The article argues that courts have taken the initiative in each jurisdiction to fill a perceived regulatory gap where legislation provides little or ambiguous guidance, or where the judiciary believes that legislation and regulation have not kept up with community expectations. The results also highlight the cross-pollination of ideas in these jurisdictions.

Keywords: Remuneration, insolvency practitioners, role of courts, Australia, Singapore, United Kingdom

Suggested Citation

Steele, Stacey and Wee, Meng Seng and Ramsay, Ian, Remunerating Corporate Insolvency Practitioners in the United Kingdom, Australia and Singapore: The Roles of Courts (November 18, 2016). Asian Journal of Comparative Law, Vol. 13, No. 1, pp. 141-172, 2018. Available at SSRN: https://ssrn.com/abstract=2922949

Stacey Steele (Contact Author)

University of Melbourne - Asian Law Centre ( email )

Melbourne
Australia

Meng Seng Wee

National University of Singapore (NUS) - Faculty of Law ( email )

469G Bukit Timah Road
Eu Tong Sen Building
Singapore, 259776
Singapore

National University of Singapore (NUS) - Centre for Law & Business ( email )

Eu Tong Sen Building
469G Bukit Timah Road
259776
Singapore

Ian Ramsay

Melbourne Law School - University of Melbourne ( email )

University Square
185 Pelham Street, Carlton
Victoria, Victoria 3010
Australia
+61 3 8344 5332 (Phone)

HOME PAGE: http://law.unimelb.edu.au/about/staff/ian-ramsay

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