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CORPORATIONS ACT 2001

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)    View history reference

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 DETERMINATIONS  

Remuneration 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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