RE MILLIE\'S TRADING CO. LTD.

Parties

Procedural Posture

Companies Ordinance Applications Concerning Provisional Liquidator Remuneration (s.228 A; S.255) / Ruling (applications Adjourned for Further Directions)

Legal Issues

1. 1 Whether provisional liquidators appointed under s.228A are entitled to remuneration calculated by reference to time spent at reasonable rates or must be assessed on a percentage basis
2. 2 Whether a taxing Master should confine taxable work to preservation or urgent realisation of assets
3. 3 Whether the Official Receiver may raise allegations of misfeasance in the same proceedings for directions as to remuneration or must institute separate proceedings under s.276

Ratio Decidendi

The Court held that allegations of misfeasance cannot be litigated in the present summonses for directions as to remuneration; the Official Receiver must either commence separate proceedings under s.276 or withdraw the allegations, otherwise he is barred from raising them at the adjourned hearing; the proper course for assessment of the applicants' fees is by taxation before a Master pursuant to Rule 6 and a report to the Companies Judge.

Court Disposition

Applications adjourned; Official Receiver ordered to attend and lodge report; Official Receiver barred from raising misfeasance allegations at the adjourned hearing unless he commences separate proceedings under s.276 or withdraws the allegations; fees to be assessed by a Master under Rule 6; costs ordered against...

Orders

• Fees of the applicants to be considered by a Master pursuant to Rule 6 of the Companies (Winding-up) Rules and for a report to be submitted to the Companies Judge
• Official Receiver to attend and to lodge a report (filed in accordance with directions)