Expenses

Insolvency proceedings inevitably entail cost. In addition to the office-holder’s remuneration, there will be a wide range of other expenses—partly arising out of getting in the company’s assets and making such distributions as the proceeds permit but also arising out of discharging compliance obligations. However, an office-holder does not generally have any personal liability for the expenses which he incurs unless he enters into a contract in his personal capacity or incurs costs in the unsuccessful pursuit of litigation brought in his own name.