Document ID: chunk:federal_register_of_legislation:F2022C01140:body:0:p25
Version: federal_register_of_legislation:F2022C01140
Segment Type: other
Provision Reference: 
Character Range: 72276–75345

section 60‑10 of the Insolvency Practice Schedule (Corporations), the external administrator must:
           (a) prepare a report setting out such matters as will enable the company's creditors to make an informed assessment as to whether the proposed remuneration is reasonable; and
           (b) give a copy of the report to each of the company's creditors at the same time as the creditors are notified of the relevant meeting of creditors.

       Reporting requirements when remuneration to be determined by company in a members' voluntary winding up

        (4) Before a remuneration determination for an external administrator of a company in a members' voluntary winding up is made by resolution of the company under section 60‑10 of the Insolvency Practice Schedule (Corporations), the external administrator must:
           (a) prepare a report setting out such matters as will enable the members to make an informed assessment as to whether the proposed remuneration is reasonable; and
           (b) give a copy of the report to each of the members at the same time as the members are notified of the relevant general meeting of the company.

       Time for giving report if proposal put without meeting

        (5) Despite paragraphs (3) and (4), if the proposed remuneration determination will be put to the creditors in accordance with section 75‑40 of the Insolvency Practice Schedule (Corporations) (proposals without meeting), a copy of the report must be given to each of the creditors or members at the same time as notice of the proposal under that section is given.

       Contents of report

        (6) Without limiting paragraph (2)(a), (3)(a) or (4)(a), the report must set out the following:
           (a) a summary description of the major tasks performed, or likely to be performed, by the external administrator;
           (b) the costs associated with each of those major tasks and the method of calculation of the costs;
           (c) the periods at which the external administrator proposes to withdraw funds from the administration account in respect of the administrator's remuneration;
           (d) an estimated total amount, or range of total amounts, of the external administrator's remuneration;
           (e) an explanation of the likely impact of that remuneration on the dividends (if any) to creditors.

       70‑50  Report about remuneration to be given by provisional liquidators

        (1) This section is made for the purposes of section 70‑50 of the Insolvency Practice Schedule (Corporations).

        (2) Before a determination about remuneration is made by agreement between a provisional liquidator and a committee of inspection under section 60‑16 of the Insolvency Practice Schedule (Corporations), the provisional liquidator must:
           (a) prepare a report setting out:
              (i) such matters as will enable the committee of inspection to make an informed assessment as to whether the proposed remuneration is reasonable; and
              (ii) a summary description of the major