BANKRUPTCY ACT 1966

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (BANKRUPTCY)  

Note: See section 4A .

PART 3 - GENERAL RULES RELATING TO ESTATE ADMINISTRATIONS  

Division 60 - Remuneration and other benefits received by the trustee  

Subdivision A - Introduction  

SECTION 60-1   SIMPLIFIED OUTLINE OF THIS DIVISION  


Remuneration

The trustee of a regulated debtor ' s estate is entitled to receive remuneration for necessary work properly performed by the trustee in relation to the administration.

The amount of remuneration will usually be set under a remuneration determination. Remuneration determinations are made in most cases by the creditors or the committee of inspection (if there is one).

However, if there is no remuneration determination, the trustee will be entitled to receive a reasonable amount for the work. The maximum amount that the trustee may receive in this way is $5,000 (exclusive of GST and indexed).

The Court may review the remuneration of the trustee of a regulated debtor ' s estate and may also make orders under Division 90 about remuneration (including ordering repayment of remuneration).

Other benefits

The trustee of a regulated debtor ' s estate must not:

  • (a) employ a related entity, unless certain requirements are met; or
  • (b) purchase any assets of the estate; or
  • (c) get any other benefits or profits from the administration of the estate.



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