S 161B repealed by No 11 of 2016, s 3 and Sch 1 item 52, applicable in relation to the administration of regulated debtors
'
estates on and after 1 September 2017. S 161B formerly read:
SECTION 161B TRUSTEE
'
S REMUNERATION
-
MINIMUM ENTITLEMENT
161B(1)
If the total remuneration payable to the trustee under section
162
would be less than the following amount (the
statutory minimum
):
(a)
$5,000;
(b)
if another amount is prescribed by the regulations for the purposes of this paragraph
-
that other amount;
the trustee is entitled to be paid, from the funds in the bankrupt
'
s estate, additional remuneration equal to the shortfall.
History
S 161B(1) substituted by No 106 of 2010, Sch 1 item 9, effective 1 December 2010. S 161B(1) formerly read:
If the total remuneration payable to the trustee under section 162 would be less than $1,109 (the
statutory minimum
), the trustee is entitled to be paid additional remuneration equal to the shortfall.
No 106 of 2010, Sch 1[17] contains the following application provision:
17 Application
The amendments made by this Schedule apply in relation to bankruptcies for which the date of the bankruptcy is on or after the day on which this item commences.
S 161B(1) amended by No 131 of 2002 (as amended by No 80 of 2004, s 3 and Sch 7), s 3 and Sch 1 items 138 and 228, by inserting
"
(the
statutory minimum
)
"
after
"
$1,109
"
, applicable where the trustee is appointed after 5 May 2003. For additional provision on the commencement of No 131 of 2002, see note under s 33A.
S 161B(1) inserted by No 9 of 1992, s 30; substituted by No 44 of 1996, Sch 1, Pt 1(294).
161B(1A)
The statutory minimum is increased by 8.4% if the trustee
'
s remuneration is consideration for a taxable supply (within the meaning of the
A New Tax System (Goods and Services Tax) Act 1999
).
History
S 161B(1A) amended by No 106 of 2010, Sch 1 item 10, effective 1 December 2010, by omitting
"
(as affected by section 304A)
"
after
"
The statutory minimum
"
.
No 106 of 2010, Sch 1[17] contains the following application provision:
17 Application
The amendments made by this Schedule apply in relation to bankruptcies for which the date of the bankruptcy is on or after the day on which this item commences.
S 161B(1A) inserted by No 131 of 2002 (as amended by No 80 of 2004, s 3 and Sch 7), s 3 and Sch 1 items 139 and 228, applicable where the trustee is appointed after 5 May 2003. For additional provision on the commencement of No 131 of 2002, see note under s 33A.
161B(2)
(Repealed by No 106 of 2010).
History
S 161B(2) repealed by No 106 of 2010, Sch 1 item 11, effective 1 December 2010. S 161B(2) formerly read:
161B(2)
If there are insufficient funds in the bankrupt
'
s estate to pay the trustee the amount (if any) payable under subsection (1), the trustee may recover that amount from the person who is or was the bankrupt as a debt due to the trustee by action in a court of competent jurisdiction.
No 106 of 2010, Sch 1[17] contains the following application provision:
17 Application
The amendments made by this Schedule apply in relation to bankruptcies for which the date of the bankruptcy is on or after the day on which this item commences.
S 161B(2) inserted by No 9 of 1992, s 30; substituted by No 44 of 1996, Sch 1, Pt 1(294).
161B(3)
(Repealed by No 106 of 2010).
History
S 161B(3) repealed by No 106 of 2010, Sch 1 item 11, effective 1 December 2010. S 161B(3) formerly read:
161B(3)
This section has effect subject to section 304A.
No 106 of 2010, Sch 1[17] contains the following application provision:
17 Application
The amendments made by this Schedule apply in relation to bankruptcies for which the date of the bankruptcy is on or after the day on which this item commences.
S 161B(3) inserted by No 9 of 1992, s 30.
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