Upon acceptance of application of debtors by the Court, the Debtor shall deposit a sum of money or a bank guarantee with the Court’s treasury in the manner and by a date as determined by the Court, to cover the costs and expenses of the Protective Composition Procedure, including the fees and expenses of the trustee and any appointed expert.
- The Court may appoint an expert from among the experts listed in the Panel of Experts, or an expert who is not listed in the Panel if the Court does not find an expert with the required
- The appointed expert shall prepare a report on the financial position of the Debtor, including an assessment as to whether the conditions required to accept the Application for Protective Composition are met and whether the Debtor’s Assets are sufficient or insufficient to implement the Protective Composition Procedure
- The Court shall determine the duties and remuneration of the Expert and the period required for submission of the Expert report, provided that such period shall not exceed twenty (20) Business Days from the date the Expert is notified of the appointment
Limitation on appointment of expert and fees of expert shall be as provided in the law
Read: Limitation on appointment of trustee
Fees of the trustee
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