Section 68(1) of the Central Bank andCredit Institutions (Resolution) Act 2011 provides that a special manager may perform his functions with the assistance of persons appointed by him or her for that purpose. The Schedule to the Special Management Order in relation to Newbridge Credit Union Ltd. gives an indication of the positions which may be held by the team of Special Manager Assistants working with the Special Manager as follows: Partner, Director, Senior Manager, Manager and Senior. The number of people working with the Special Manager from the company to which you refer will vary according to the work being undertaken by the Special Manager. The Deputy might note that the total fees to be paid to the Special Manager and his team will be subject to approval by the Court upon request by the Special Manager. This request has not been made at this point. The request would typically include sufficient information for the Court to determine if the fees are reasonable, and might include a work schedule, indicating tasks performed, hours worked, and staff levels.
The Special Management Order provides for an appointment of 6 months duration. Any change to the Special Management Order and matters outlined above require a further application to the Court.