Section 479. Remuneration of liquidators in winding up by Court

(1) An interim liquidator other than the Official Receiver shall be entitled to receive the salary or remuneration by way of percentage or otherwise as is determined by the Court.

(2) A liquidator other than the Official Receiver shall be entitled to receive such salary or remuneration by way of percentage or otherwise as is determined by—

(a) an agreement between the liquidator and the committee of inspection, if any;

(b) where there is no agreement or where there is no committee of inspection, a resolution passed at a meeting of creditors by a majority of not less than three-fourths in value and one-half in number of the creditors present in person or by proxy and voting at the meeting and whose debts have been admitted to vote, which meeting shall be convened by the liquidator by a notice to each creditor to which notice shall be attached a statement of all receipts and expenditure by the liquidator and the amount of remuneration sought by him; or

(c) if the agreement or determination under paragraph (a) or (b) fails, the Court.

(3) Where the salary or remuneration of a liquidator other than the Official Receiver is determined in the manner specified in paragraph (2)(a), the Court may, on the application of a member whose shareholding represent in the aggregate not less than ten per centum of the issued capital of the company, confirm or vary the determination.

(4) Where the salary or remuneration of a liquidator other than the Official Receiver is determined in the manner specified in paragraph (2)(b), the Court may, on the application of the liquidator or a member referred to in subsection (3), confirm or vary the determination.

(5) Subject to any order of the Court, the Official Receiver when acting as a liquidator or interim liquidator of a company shall be entitled to receive such salary or remuneration by way of percentage or otherwise as is prescribed.