Section 387. Power of Court to fix remuneration of receiver or receiver and manager

(1) The Court may, on an application by the liquidator of a company, by order fix the amount to be paid by way of remuneration to any person who, under the powers contained in any instrument, has been appointed as receiver or receiver and manager of the property of the company.

(2) The power of the Court shall—

(a) extend to fixing the remuneration for any period before the making of the order or the application;

(b) be exercisable notwithstanding that the receiver or receiver and manager has died or ceased to act before the making of the order or the application; and

(c) if the receiver or receiver and manager has been paid or has retained for his remuneration for any period before the making of the order any amount in excess of that fixed for that period, extend to require him or his personal representatives to account for the excess or such part of it as may be specified in the order,

if no previous order has been made with respect to it.

(3) The power conferred by paragraph (2)(c) shall not be exercised as respects any period before the making of the application for the order unless in the opinion of the Court there are special circumstances making it proper for the power to be so exercised.

(4) The Court may from time to time vary or amend an order made under this section on an application made either by the liquidator or by the receiver or receiver and manager.