HIGH COURT (COMMERCIAL DIVISION)
LIQUIDATION – APPROVAL OF LIQUIDATORS’ FEES – COMPLEXITY OF THE MATTER AS A CONSIDERATION IN ASSESSING FEES – JURISDICTION TO APPOINT OF A PROFESSIONAL FEE ASSESSOR
A request for approval of Liquidators’ fees was resisted by the Company’s Liquidations committee on the basis that the fees were excessive. The Court acknowledged that the SPhinX liquidation is ‘among the more complex’ of such undertakings. However, the Court was concerned about the Liquidators’ own implicit admission to being extremely cautious because of the ‘fractious nature’ of the liquidation.