Corporations Act 2001
Note: See section 600K .PART 3 - GENERAL RULES RELATING TO EXTERNAL ADMINISTRATIONS Division 60 - Remuneration and other benefits received by external administrators Subdivision B - Remuneration of external administrators - general rules CLAUSE 60-15 MAXIMUM DEFAULT AMOUNT Maximum default amount 60-15(1)
The maximum default amount for an external administrator of a company is an amount (exclusive of GST) worked out as follows:
(a) if the external administrator is appointed in relation to the external administration of the company during the financial year beginning on 1 July 2016 - $5,000;
(b) if the external administrator is appointed in relation to the external administration of the company during a financial year beginning on or after 1 July 2017 - the greater of:
(i) the amount worked out by multiplying the indexation factor for the financial year (worked out under subsections (3) and (4)) by the maximum default amount for an external administrator appointed during the previous financial year; and
(ii) the amount (if any) prescribed for the purposes of this subparagraph.
Amounts worked out under subsection (1) must be rounded to the nearest whole dollar (rounding 50 cents upwards). Indexation factor 60-15(3)
Subject to subsection (4), the indexation factor for a financial year is the number worked out by dividing the index number for the March quarter immediately preceding that financial year by the index number for the March quarter immediately preceding that first-mentioned March quarter. 60-15(4)
If an indexation factor worked out under subsection (3) would be less than 1, the indexation factor is to be increased to 1. Changes to CPI index reference period and publication of substituted index numbers 60-15(5)
In working out the indexation factor:
(a) use only the index numbers published in terms of the most recently published index reference period for the Consumer Price Index; and
(b) disregard index numbers published in substitution for previously published index numbers (except where the substituted numbers are published to take account of changes in the index reference period). Definition - index number 60-15(6)
In this section:
, in relation to a quarter, means the All Groups Consumer Price Index number, being the weighted average of the 8 capital cities, published by the Australian Statistician in respect of that quarter.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.