Liquidation cost allocation: new rules require creditor contributions, revised fee structure, and stakeholder consultation procedures. The amendments expand the definition of liquidation cost to include liquidator fees, remuneration, asset preservation and going concern costs, interim finance interest and other essential costs while excluding section 230 compromise costs; require proportionate contributions by financial institutions where no plan is approved, with escrow deposit and bank rate repayment; recast liquidator fee determination and introduce a tiered percentage fee on realisations and distributions; institute a stakeholders' consultation committee to advise on sales; and prioritise sale as a going concern with tightened timelines and enhanced reporting, including a Form H compliance certificate.
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Liquidation cost allocation: new rules require creditor contributions, revised fee structure, and stakeholder consultation procedures.
The amendments expand the definition of liquidation cost to include liquidator fees, remuneration, asset preservation and going concern costs, interim finance interest and other essential costs while excluding section 230 compromise costs; require proportionate contributions by financial institutions where no plan is approved, with escrow deposit and bank rate repayment; recast liquidator fee determination and introduce a tiered percentage fee on realisations and distributions; institute a stakeholders' consultation committee to advise on sales; and prioritise sale as a going concern with tightened timelines and enhanced reporting, including a Form H compliance certificate.
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