7 Jul 2006
RE GOLDLORY RESTAURANT LTD
- Citation
- RE GOLDLORY RESTAURANT LTD
- Court
- Court of First Instance
- Case number
- HCCW1017/2002
The court holds that section 196(2) and rule146(2) confer an unfettered discretion on the court to determine the basis of remuneration for liquidators in summary cases under s227F; the percentage basis is not the default and there is no requirement to show special circumstances to adopt a time cost basis. As a matter of practice the time cost basis should be adopted for summary cases and provided for when a summary procedure order is made to ensure viability and efficiency of the Panel T Scheme and to minimize costs.