Offices Holders’ Expenses & Remuneration - A Guide for Insolvency Professionals
Expenses of an administration, liquidation or bankruptcy (including the office holder’s remuneration) are payable out of the assets of the company or the bankruptcy in priority to the general body of creditors.
Businesses providing services to an insolvent company or individual (including insolvency practitioners, lawyers and landlords) will want to ensure that those services will be paid for in full as an expense.
On the other hand, creditors forming part of the general body of creditors will want to ensure that the amounts paid out in respect of office holder’s remuneration and other expenses are kept to a minimum since payment of expenses leaves less for payment of general creditors. Creditors can, and often do, challenge the amounts proposed to be paid as remuneration and expenses.
This new live broadcast session will consider what expenditure will rank as an insolvency expense, with a particular focus on rent, solicitors’ costs and rates. It will also provide a practical guide to challenging office holder’s remuneration and to defending such challenges.
What You Will Learn
This live and interactive session will cover the following:
- What categories of expenses are payable in priority to unsecured creditors in bankruptcy/liquidation/administration?
- Recent cases relating to rent as an expense
- When are business rates and/or council tax payable as an expense?
- What happens when there are insufficient assets to pay the expenses in full?
- Procedure for fixing office holder’s remuneration
- Challenging the amounts claimed by the office holder in respect of expenses/remuneration
- Who has standing to challenge?
- Procedure for challenge to expenses/remuneration
Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.