No. 7/2018
INSOLVENCY
Cap. 6:07
(b)
any Court, arbitration or administrative proceedings, including pending
enforcement proceedings, involving the company;
(c)
the assets and liabilities of the company, and its income and disbursements
within the immediately preceeding 12 months;
(d)
the number of employees, and any collective agreements or other
agreements relating to the rights of employees;
(e)
any debtors and their obligations to the company;
(f)
any creditors and their rights or claims against the company.
(4) No person is entitled, as against the corporate rescue practitioner of a
company, to retain possession of any books or records of the company, or to claim
or enforce a lien over any such books or records, unless such books or records are in
the lawful possession of such person and he or she has made copies available to the
practitioner or has afforded the practitioner a reasonable opportunity to inspect the
books or records concerned.
136 Remuneration of practitioner
( 1) The corporate rescue practitioner is entitled to charge an amount to the
company for the remuneration and expenses of the practitioner in accordance with the
Second Schedule item 1 which may be amended by the Minister from time to time by
way of notice in the Gazette.
(2) The practitioner may propose an agreement with the company providing for
further remuneration, additional to that contemplated in subsection ( 1), to be calculated
on the basis of a contingency related to(a)
the adoption of a corporate rescue plan at all, or within a particular time,
or the inclusion of any particular matter within such a plan; or
(b)
the attainment of any particular result or combination of results relating
to the corporate rescue proceedings.
(3) Subject to subsection (4), an agreement contemplated in subsection (2) is
final and binding on the company if it is approved by(a)
the holders of a majority of the creditors' voting interests, as determined
in accordance with section 147(4) to (6), present and voting at a meeting
called for the purpose of considering the proposed agreement; and
(b)
the holders of a majority of the voting rights attached to any shares of the
company that entitle the shareholder to a portion of the residual value of
the company on winding-up, present and voting at a meeting called for
the purpose of considering the proposed agreement.
(4) A creditor or shareholder who voted against a proposal contemplated in
this section may apply to a Court within 10 business days after the date of voting on
that proposal, for an order setting aside the agreement on the grounds that(a)
the agreement is not just and equitable; or
(b)
the remuneration provided for in the agreement is unreasonable having
regard to the financial circumstances of the company.
(5) To the extent that the corporate rescue practitioner's remuneration and
expenses are not fully paid, the practitioner's claim for those amounts will rank in
priority before the claims of all other secured and unsecured creditors.
(6) The Master may for good cause increase or decrease the corporate rescue
practitioner's remuneration, in particular to compensate him or her for the time spent
in assisting \Vith criminal prosecutions or investigating the affairs of the debtor, or
disallow his or her remuneration either wholly or in part, by reason of any failure of or
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