The Companies Act Company Reconstruction Funds Regulations

Functions

There shall be a fund to be known as the Company Recovery Fund out of which payments shall be made to Special Controllers appointed in accordance with article 329B (Company Recovery Procedure) of the Act as may be paid out of the Fund in accordance with these regulations.

Funding

The Fund shall receive from the Agency the amount of €500, 000 annually, or such lesser amount in terms of the proviso to this regulation, to cover the expenses related toits purpose under these regulations

Functions of the Official Receiver

The Official Receiver shall, without prejudice to any other power or function conferred on him by these regulations or by any other law, act in accordance with any procedures established by the Agency, to:

(a) establish and maintain, in consultations with the Agency, arrangements for the making of payments to Special Controllers in accordance with these regulations;

(b) certify claims for compensation by Special Controllers admitted in accordance with these regulations

Remuneration and expenses recoverable from the Fund:

The  remuneration  and  expenses  of  a  Special Controller in accordance with these regulations shall be paid from the Fund in respect of the period of appointment established in accordance with article 329B(1)(d) up to a maximum of:

(a)  €2,500 as remuneration for the original period;

(b)  €1,500 as remuneration for the first extension; and

(c)  €1,000 as remuneration for the second extension.

(2)   expenses which are deemed necessary for the continuation of  the  Company  Recovery  Procedure,  considering  the  particular circumstances of each case, up to a maximum of €5,000 may be paid from the Fund.

(3)  The maximum cumulative amount claimed from the fund in accordance  with  paragraphs  1  and  2  in  respect  of  each  recovery procedure shall not exceed ten €10,000.

(4)  The amounts referred to in this regulation are inclusive of value added tax.

(5)  The limits mentioned in this paragraph may be increased by the Official Receiver acting upon a recommendation of the Court, in complex cases, or cases involving cross-border elements.

Procedure with regards to claim

(1) A claim to be paid in accordance with regulation 9shall be submitted to the Official Receiver together with all supporting documentation as may be required by the Official Receiver.

(2) The Special Controller may submit a claim in accordance with sub-regulation (1) at any time during the recovery procedure or within 12 months from the order of the court terminating the recovery procedure.

(3) The Official Receiver may require additional documentation or information in relation to any claim.

(4)  The Official Receiver shall pay claims from the Fund in accordance with these regulations, as he deems appropriate and in terms of any directions given by the Agency, regard being had to the circumstances of the case and nature of the claim