Insolvency Law Reform Act 2016 (11 of 2016)

Schedule 1   Amendments relating to the Insolvency Practice Schedule (Bankruptcy)

Part 3   Transition to the Insolvency Practice Schedule (Bankruptcy)

Division 3   Application of Part 3 of the Insolvency Practice Schedule (Bankruptcy) and related consequential amendments

Subdivision C   Remuneration and other benefits received by trustees

132   Remuneration of former trustees

Old Act continues to apply where both trustees appointed before commencement

(1) If:

(a) a person ceases to be the trustee of a regulated debtor's estate and another person becomes the new trustee of the estate; and

(b) both those persons were appointed, or consented to act, as trustee of the estate before the commencement day;

then, despite the repeal of section 164 of the old Act by this Schedule, that section continues to apply in relation to the remuneration of those trustees to the extent that the section would have applied in relation to those trustees if it had not been repealed.

Operation of the Insolvency Practice Schedule (Bankruptcy) where one trustee is appointed before commencement and one after

(2) If:

(a) a person (the former trustee ) ceases to be the trustee of a regulated debtor's estate and another person (the new trustee ) becomes the new trustee of the estate; and

(b) the former trustee was appointed, or consented to act, as trustee of the estate before the commencement day; and

(c) the new trustee was appointed, or consented to act, as trustee of the estate on or after the commencement day;

then:

(d) the Insolvency Practice Schedule (Bankruptcy) applies; and

(e) if:

(i) the former trustee and the new trustee agree on the remuneration that the former trustee is entitled to receive for necessary work properly performed by the former trustee in relation to the administration of the regulated debtor's estate; and

(ii) the creditors, by resolution, endorse that agreement;

the creditors are taken to have made a determination under section 60-10 of the Insolvency Practice Schedule (Bankruptcy) specifying the agreed remuneration as the remuneration that the former trustee is entitled to receive for the work.