Rules on Legal Fees for Receiver Should be Revised, Says Appeals Panel


An appeals court urged the Legislature to revise a provision of the Business Corporation Law limiting fees of court-appointed receivers. The Court criticized the unfairness of Business Corporation law sec. 1217, which in the case of Application of Jakubowicz, 5875N, amounted to only $15 per hour. The receiver spent nearly 400 hours on a dissolution of nine corporations, but the court’s hands were tied by the statutory provision providing for a samll percentage of the “sums received and disbursed” as the basis for his fee.

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Evan S. Schwartz
Founder of Schwartz, Conroy & Hack