Section 130Part 5 — Company Restructuring and Winding Up
Expenses of voluntary winding up
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T he expenses properly incurred in the winding up, including the remuneration of the liquidator, are payable out of the company ’ s assets in priority to all other claims.
The rate and amount of the liquidator ’ s remuneration shall be fixed and payment auth orised by resolution of the company.
Each report and account laid before the company in general meetings by its liquidator shall contain all such information, including the rate at which the liquidator ’ s remuneration is calculated and particulars of th e work done, as may be necessary to enable the members to determine what expenses have been properly incurred and what remuneration is properly payable to the liquidator.
If the company fails to approve the liquidator ’ s remuneration and expenses or the liquidator is dissatisfied with the decision of the company, that person may apply to the Court which shall fix the rate and amount of that person’s remuneration and expenses. Winding up subject to the supervision of the Court