Document ID: chunk:federal_register_of_legislation:F2022C00672:body:0:p31
Version: federal_register_of_legislation:F2022C00672
Segment Type: other
Provision Reference: 
Character Range: 78487–81312

75‑40 of the Insolvency Practice Schedule (Bankruptcy) (proposals without meeting)—at the same time as notice of the proposal under that section is given.

Contents of report
 (5) Without limiting paragraph (2)(a) or subsection (3), the report must set out the following:
 (a) a summary description of the major tasks performed, or likely to be performed, by the trustee;
 (b) the costs associated with each of those major tasks and the method of calculation of the costs;
 (c) the periods at which the trustee proposes to withdraw funds from the regulated debtor's estate in respect of the trustee's remuneration;
 (d) an estimated total amount, or range of total amounts, of the trustee's remuneration;
 (e) an explanation of the likely impact of that remuneration on the dividends (if any) to creditors.

70‑47  Remuneration claim notice
 (1) This section is made for the purposes of section 70‑50 of the Insolvency Practice Schedule (Bankruptcy).
 (2) A regulated debtor or a creditor may elect to receive a remuneration claim notice. The election must be made within 20 business days after receiving a report under section 70‑45.
 (3) If:
 (a) a regulated debtor or a creditor has elected under subsection (2) to receive a remuneration claim notice; and
 (b) the total remuneration claimed by the trustee of the regulated debtor's estate is greater than the maximum default amount for the trustee;
the trustee must give such a notice to the regulated debtor or creditor before finalising the administration.
 (4) A remuneration claim notice is a notice specifying the following:
 (a) the total amount of remuneration claimed by the trustee;
 (b) details of:
 (i) the work performed for which remuneration is claimed; and
 (ii) the method of calculating the amount of remuneration claimed; and
 (iii) the amount of disbursements claimed; and
 (iv) the method of calculating the amount of disbursements claimed;
 (c) an explanation of any variation from the amounts set out in any report under section 70‑45 in relation to:
 (i) the remuneration claimed; and
 (ii) the method of calculating the amount of remuneration claimed.
 (5) A remuneration claim notice must also include a statement advising the regulated debtor and the creditors that they may, within 20 business days after receiving the notice, request the Inspector‑General to review the amount of remuneration claimed by the trustee.

70‑51  Declarations of relevant relationships must be kept up to date
 (1) This section is made for the purposes of section 70‑50 of the Insolvency Practice Schedule (Bankruptcy).
 (2) If, after the trustee of a regulated debtor's estate has given a declaration under subsection 70‑30(3):
 (a) the declaration becomes out of date; or
 (b) the trustee becomes aware of an error in the declaration;
the trustee must, as soon as