A 1.8m bill for a six-year company liquidation has been cut by almost 261,000 after the Court of Appeal ruled the number of hours billed was neither reasonable nor necessary.
The court said the number of hours work claimed by liquidator Pearse Farrell in the later stages of winding up Mouldpro, a Dublin firm, was quite excessive and not reasonable. The ruling was made in a case taken by Plastronix Investments, which was the largest unsecured creditor of Mouldpro, owed over 1m, and sought the liquidators appointment in 2005.
The liquidation process lasted until 2011, however, and the liquidator initially claimed 1.5m in fees, with VAT of more than 316,000, bringing the bill to over 1.8m. Plastronix took a High Court case seeking a reduction
Read the full article at: https://www.thetimes.co.uk/article/court-of-appeal-cuts-pearse-farrells-fees-for-liquidation-of-mouldpro-bh8jsbd0k