Document ID: chunk:federal_register_of_legislation:C2016A00011:schedule:2:p27
Version: federal_register_of_legislation:C2016A00011
Segment Type: schedule
Provision Reference: sch 2 (pt 27/59)
Character Range: 76450–79566

and other benefits received by the trustee

Subdivision A—Introduction

60‑1  Simplified outline of this Division

      Remuneration
      The trustee of a regulated debtor's estate is entitled to receive remuneration for necessary work properly performed by the trustee in relation to the administration.
      The amount of remuneration will usually be set under a remuneration determination. Remuneration determinations are made in most cases by the creditors or the committee of inspection (if there is one).
      However, if there is no remuneration determination, the trustee will be entitled to receive a reasonable amount for the work. The maximum amount that the trustee may receive in this way is $5,000 (exclusive of GST and indexed).
      The Court may review the remuneration of the trustee of a regulated debtor's estate and may also make orders under Division 90 about remuneration (including ordering repayment of remuneration).
      Other benefits
      The trustee of a regulated debtor's estate must not:
             (a) employ a related entity, unless certain requirements are met; or
             (b) purchase any assets of the estate; or
             (c) get any other benefits or profits from the administration of the estate.

Subdivision B—Remuneration of trustees

60‑5  Trustee's remuneration

Remuneration in accordance with remuneration determinations
 (1) The trustee of a regulated debtor's estate is entitled to receive remuneration for necessary work properly performed by the trustee in relation to the administration of the regulated debtor's estate, in accordance with the remuneration determinations (if any) for the trustee (see sections 60‑10 and 60‑11).

Remuneration for trustees if no remuneration determination made
 (2) If no remuneration determination is made in relation to necessary work properly performed by a trustee in relation to the administration of the regulated debtor's estate, the trustee is entitled to receive reasonable remuneration for the work. However, that remuneration must not exceed the maximum default amount.

Remuneration to be paid from the funds in the estate
 (3) The remuneration is to be paid from the funds in the regulated debtor's estate.

60‑10  Remuneration determinations—creditors or committee of inspection
  A determination, specifying remuneration that a trustee of a regulated debtor's estate is entitled to receive for necessary work properly performed by the trustee in relation to the administration of the estate, 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.

60‑11  Remuneration determinations—Inspector‑General
 (1) The Inspector‑General may, in prescribed circumstances, make a determination specifying remuneration that a trustee of a regulated debtor's estate is entitled to receive for necessary work properly performed by the trustee in relation to the administration of the estate.
 (2) The Inspector‑General must have regard to any matter prescribed in making a determination