Document ID: chunk:federal_register_of_legislation:C2025C00185:schedule:2:p69
Version: federal_register_of_legislation:C2025C00185
Segment Type: schedule
Provision Reference: sch 2 (pt 69/73)
Character Range: 6485468–6488330

with the Insolvency Practice Rules; and
 (b) specify:
 (i) the remuneration, costs or expenses which the liquidator is appointed to review; and
 (ii) the way in which the cost of carrying out the review is to be determined.

Appointments by creditors etc.—limit
 (7) Despite subsection (1), a registered liquidator appointed under this section has no power to review the remuneration to which the external administrator of a company is entitled under subsection 60‑5(2) (remuneration if no remuneration determinations made).

Restructuring and restructuring plans
 (8) This section does not apply to:
 (a) a company under restructuring; or
 (b) a company that has made a restructuring plan that has not yet terminated.

90‑25  Reviewing liquidator must consent to appointment
  A registered liquidator cannot be appointed under this Subdivision as a reviewing liquidator in relation to a matter unless:
 (a) the liquidator has consented in writing to the appointment; and
 (b) as at the time of the appointment, the liquidator has not withdrawn the consent.

90‑26  Review

Review—general
 (1) If a reviewing liquidator is appointed under this Subdivision in relation to a matter, the reviewing liquidator must carry out a review into that matter.

Reviews relating to remuneration, costs or expenses
 (2) If the matter is, or includes, remuneration of the external administrator of the company, the review may (but need not) include an assessment of whether the remuneration is reasonable.
 (3) If the matter is, or includes, a cost or expense incurred by the external administrator of the company, the review must include an assessment of whether the cost or expense was properly incurred by the external administrator.
Note: Insolvency Practice Rules made under section 90‑29 may provide for the meaning of properly incurred.
 (4) A reviewing liquidator must not review:
 (a) remuneration of an external administrator of the company that relates to a period; or
 (b) a cost or expense incurred by the external administrator of the company incurred during a period;
unless the period is:
 (c) for a reviewing liquidator appointed by the Court under subsection 90‑23(6) or paragraph 90‑28(2)(c) or (3)(b)—the period determined by the Court; or
 (d) otherwise—the prescribed period.

Report of review
 (5) A reviewing liquidator must prepare a report on the review.

90‑27  Who pays for a review?
 (1) The cost of carrying out a review under this Subdivision:
 (a) in the case of a reviewing liquidator appointed with the agreement of the external administrator of the company under subsection 90‑24(5)—is to be borne by the creditors or members referred to in that subsection; or
 (b) in any other case—forms part of the expenses of the external administration of the company.
 (2) Subsection (1) has effect subject to an order of the Court under section 90‑28.