The Companies Acts contain provisions governing the activities of receivers and liquidators, including provisions in relation to fees. In a members voluntary winding up, the members in general meeting, appoint the liquidator and fix his or her remuneration. If the company does not fix the liquidator's remuneration, it may be fixed by the High Court. In a creditors' voluntary winding up, the committee of inspection, or if there is no such committee, the creditors, fix the remuneration to be paid to the liquidator. Within 28 days after the remuneration has been fixed by the committee of inspection or by the creditors, any creditor or contributory who alleges that such remuneration is excessive may apply to the Court to fix the remuneration to be paid to the liquidator.
In addition, in the case of a court ordered liquidation, the Rules of the Superior Court contain provisions in relation to liquidator fees. Where a receiver is appointed on foot of a debenture, his or her remuneration will generally be agreed by the debenture holder. However the Court may, on application to it, fix the amount to be paid by way of remuneration to a person appointed as receiver notwithstanding that the remuneration has already been fixed. The remuneration of a liquidator or receiver appointed by the Court is a matter for Court. In light of the legislative provisions already in place I have no plans for further legislation in this matter.