Section 558 CAMA 2020

Section 558 Companies and Allied Matters Act is about Power of the Court to fix renumeration on application of liquidator. It is under Chapter 19 (Receivers and managers, appointment of receivers and managers) of the Act.

(1) The Court may, on the application of the company or the liquidator, 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 a receiver or manager of the property of the company.

(2) The powers of the Court under subsection (1) shall, where no previous order is made under that subsection—

(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 manager has died or ceased to act before the making of the order or the application ; and

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

Provided that the power conferred by this paragraph 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 exercised.

(3) The Court may, on an application made by the company, liquidator or by the receiver or manager, vary or amend an order made under subsection (1).

(4) This section applies whether the receiver or manager has been appointed before or after the commencement of this Act.