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 60-10 REMUNERATION DETERMINATIONSRemuneration determinations
60-10(1)
A determination, specifying remuneration that an external administrator of a company (other than an external administrator in a members ' voluntary winding up) is entitled to receive for necessary work properly performed by the external administrator in relation to the external administration, may be made:
(a) by resolution of the creditors; or
(b) if there is a committee of inspection and a determination is not made under paragraph (a) - by the committee of inspection; or
(c) if a determination is not made under paragraph (a) or (b) - by the Court.
Note: For determinations made by the Court, see also section 60-12 (matters to which the Court must have regard).
60-10(2)
A determination, specifying remuneration that an external administrator of a company in a members ' voluntary winding up is entitled to receive for necessary work properly performed by the external administrator in relation to the external administration, may be made:
(a) by resolution of the company at a general meeting; or
(b) if a determination is not made under paragraph (a) - by the Court.
Note: For determinations made by the Court, see also section 60-12 (matters to which the Court must have regard).
60-10(3)
A determination under this section may specify remuneration that the external administrator is entitled to receive in either or both of the following ways:
(a) by specifying an amount of remuneration;
(b) by specifying a method for working out an amount of remuneration.
Remuneration on a time-cost basis
60-10(4)
If a determination under this section specifies that the external administrator is entitled to receive remuneration worked out wholly or partly on a time-cost basis, the determination must include a cap on the amount of remuneration worked out on a time-cost basis that the external administrator is entitled to receive.
More than one remuneration determination may be made
60-10(5)
To avoid doubt, more than one determination under this section may be made in relation to a particular external administrator of a company and a particular external administration of a company.
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