An escrow agent submitted a motion to the Court to approve the liquidator's wage at a rate higher than that set forth in the regulations, retroactive, after doing their work. The Court held that although the good and complex work, the rule is that the wage of office holders will be terminated in accordance with the regulations. Furthermore, wage regulations should not be bypassed by other mechanisms, and this is even where the position holder has invested a significant effort in managing the process. A higher fee than prescribed in the regulations is for cases in which the position holder conducted a complex procedure of legal action from beginning till end, and the wage mechanism was determined in advance and not retroactively. Therefore, and since the request for high fees came retroactively, and since this proceeding ended in compromise at its beginning, the Court rejected the request.
Published in Afik News 246 20.12.2017
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