Court interprets Investment Bank Special Administration rules on fees

A client of an investment bank in special administration applied to compel the special administrators to provide information in relation to their post-administration remuneration.

The administrators had submitted progress reports detailing their incurred costs; the applicant requested further information, including a line-by-line breakdown of their fees.

The court refused the application, deciding that the obligation to provide a statement of remuneration only arose if the basis of remuneration had been fixed.  As the basis of remuneration had not been fixed in this case, there was no jurisdiction to make the order sought.  The administrators had been justified in refusing the request.

Dolfin Asset Services Ltd v Stephens [2023] EWHC 123 (Ch)

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