Bankruptcy Regulations 1996
View history note
Hide history noteDiv 3 inserted by SLI 2010 No 195, reg 3 and Sch 1 item 28, effective 1 August 2010.
Div 3 repealed by SLI No 137 of 2006, reg 3 and Sch 1 item 12, effective 1 July 2006. Div 3 formerly read:
Reg 16.14(1) substituted by SR No 76 of 1997, r 32.1. a fee is payable to the Official Receiver by the Official Trustee, in accordance with this regulation, in respect of the estate: Reg 16.14(1A) amended by SR No 256 of 2004, reg 3 and Sch 1 item 14, by substituting para (b), effective 1 December 2004. Para (b) formerly read: Reg 16.14(1A) inserted by SR No 76 of 1997, r 32.1. less: Reg 16.14(3) amended by SR No 76 of 1997, rr 32.2 and 32.3. Reg 16.14(4) amended by SR No 76 of 1997, r 32.4. Reg 16.15(1) substituted by SR No 76 of 1997, r 33.1. Reg 16.15(2) substituted by SR No 76 of 1997, r 33.1.
costs of administration
16.14AA PRESCRIBED FEES UNDER DIVISION 1 OF PART 8 OF THE ACT
16.14AA(1)
For the purposes of paragraph 154A(3)(b) of the Act, a fee of $1,500 is prescribed.
16.14AA(2)
For the purposes of paragraph 155C(1)(b) of the Act, a fee of $1,000 is prescribed.
16.14AA(3)
For the purposes of paragraph 155D(b) of the Act, a fee of $1,000 is prescribed.
16.14AA(4)
For the purposes of paragraph 155E(3)(b) of the Act, a fee of $500 is prescribed.
16.14 FEES PAYABLE BY TRUSTEE ON PAYMENT OF DIVIDENDS, ETC
16.14(1)
Subject to subregulation 16.15(1), a trustee (other than the Official Trustee) who pays an interim or final dividend in respect of an estate or a debtor must pay to the Official Receiver the appropriate fee in accordance with this regulation.
16.14(1A)
Subject to subregulation 16.15(2), where the Official Trustee:
(a)
acts as trustee of the estate of a bankrupt or a deceased person in respect of whose estate an order for administration has been made under Part XI of the Act; or
(b)
acts as controlling trustee or trustee of a personal insolvency agreement;
(c)
on the declaration of a dividend by the Official Trustee; or
(d)
on the Official Trustee's ceasing to act as the trustee of the estate or debtor.
(b)
acts as controlling trustee, or as trustee as the result of a deed of assignment or deed of arrangement under Part X of the Act;
16.14(2)
A reference in subregulation (3) to the ``prescribed amount'' is a reference to the amount worked out:
(a)
in the case of an account in respect of:
(i)
a composition or scheme of arrangement under Division 6 of Part IV of the Act; or
in accordance with subregulation (4); and
(ii)
a composition under Part X of the Act;
(b)
in any other case
-
in accordance with subregulation (5).
16.14(3)
Subject to regulation 16.15, the fee payable is:
(a)
if the prescribed amount in respect of the estate or debtor is less than $50,000
-
a fee equal to 3% of that prescribed amount; or
(b)
if the prescribed amount in respect of the estate or debtor exceeds $50,000 but does not exceed $100,000
-
a fee equal to the sum of $1,500 and an amount equal to 2.5% of the amount by which the prescribed amount exceeds $50,000; or
(c)
in any other case
-
a fee equal to the sum of $2,750 and an amount equal to 1.25% of the amount by which the prescribed amount exceeds $100,000;
(d)
the fee or the sum of the fees paid on giving a previous account or previous accounts in respect of the estate or debtor; and
(e)
any fee paid by the Official Trustee in respect of the estate under this regulation.
16.14(4)
Where paragraph (2)(a) applies, the prescribed amount for the purposes of subregulation (3) is the total amount received by the trustee, or the sum of the total amounts received by each trustee, for distribution to the creditors of the debtor or the total amount (if any) distributed by the debtor to his or her creditors in accordance with the composition or scheme of arrangement, as the case may be.
16.14(5)
Where paragraph (2)(b) applies, the prescribed amount for the purposes of subregulation (3) is an amount equal to the total amount received by the trustee, or the sum of the total amounts received by each trustee, of the estate or in relation to the debtor, as the case may be, up to the end of the period to which the account relates less:
(a)
any amounts paid to secured creditors in respect of their securities before that date; and
(b)
any amounts paid by any trustee in carrying on the business of the bankrupt, deceased person or debtor; and
(c)
the amount of any surplus to which the bankrupt is entitled by reason of section 154 of the Act.
16.14(6)
Where 2 or more trustees act in succession, the amount paid by one of those trustees to the other trustee is taken, for the purposes of subregulation (4) or (5), not to be an amount received by the trustee to whom it is paid.
16.15 APPLICATION OF REGULATION 16.14
16.15(1)
A fee is only payable under subregulation 16.14(1) in respect of an estate or debtor where:
(a)
a prescribed amount was received by the trustee on or before 31 October 1996; and
(b)
after that date, a dividend was paid, on behalf of the estate or debtor, from that prescribed amount.
16.15(2)
A fee is only payable under subregulation 16.14(1A) in respect of an estate or debtor where:
(a)
a prescribed amount was received by the Official Trustee on or before 31 October 1996; and
(b)
after that date:
(i)
a dividend was paid, on behalf of the estate or debtor, from that prescribed amount; or
(ii)
the Official Trustee ceases to act as trustee of the estate or debtor.
16.16 `PRESCRIBED AMOUNT
'
-
RESTRICTION ON AMOUNT OF FEE PAYABLE
16.16(1)
For the purposes of calculating a fee payable under subregulation 16.14(3), the applicable ``prescribed amount'' is not to exceed the total of:
(a)
the amount of the debts of the estate or debtor, and
(b)
the costs of administration of the estate.
16.16(2)
In subregulation (1):
means the proper costs, charges and expenses of the administration, other than:
(a)
any realisation charge paid or payable by the trustee (or, where the Official Trustee is the trustee of the estate, the Official Trustee) under an Act; and
(b)
any fees paid or payable to the Official Trustee under regulation 16.07 or to the Official Receiver under this Subdivision;
debts
means the total of:
(a) the taxed costs of the petitioning creditor, and
(b) proved debts of the estate or debtor; and
(c) interest on those debts if they are interest bearing debts.
REGULATION 16.17 (OMITTED)
16.17
(Omitted by SR No 76 of 1997, r 34.1.)
[ Transitional Provision
SR No 76 of 1997 contained the following transitional provision:
40.1 Transitional
An amount paid under Division 3 of Part 16 of the Bankruptcy Regulations in respect of an estate or a debtor is to be offset against an amount of charge payable under Part 3 of the
Bankruptcy (Estate Charges) Act 1997
in respect of the estate or debtor for the charge period (within the meaning of that Act) that commenced on 1 November 1996.]
The repeal and substitution of regulation 9.02 by Schedule 1 to the Bankruptcy Amendment (Debt Agreement Reform) Regulations 2019 applies to applications made on or after 27 June 2019.
Reg 16.15 inserted by FRLI No F2019L00592, reg 4 and Sch 1 item 4, effective 27 June 2019.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.