Document ID: chunk:federal_register_of_legislation:C2016A00011:schedule:2:p28
Version: federal_register_of_legislation:C2016A00011
Segment Type: schedule
Provision Reference: sch 2 (pt 28/71)
Character Range: 291602–294808

remuneration determination. Remuneration determinations are made by:
             (a) in a members voluntary winding up—the members; and
             (b) in most other cases—the creditors or the committee of inspection (if there is one).
      However, if there is no remuneration determination, the external administrator will be entitled to receive a reasonable amount for the work. The maximum amount that the external administrator may receive in this way is $5,000 (exclusive of GST and indexed).
      The remuneration of provisional liquidators is, in most cases, determined by the Court.
      The Court may review the remuneration of the external administrator of a company and may also make orders under Division 90 about remuneration (including ordering repayment of remuneration).
      Other benefits
      The external administrator of a company must not:
             (a) employ a related entity, unless certain requirements are met;
             (b) purchase any assets of the company; or
             (c) get any other benefits or profits from the administration.

Subdivision B—Remuneration of external administrators—general rules

60‑2  Application of this Subdivision
  This Subdivision applies in relation to an external administrator of a company other than:
 (a) a provisional liquidator; or
 (b) a liquidator appointed by ASIC under section 489EC (winding up by ASIC).
Note: For the remuneration of provisional liquidators, see Subdivision C of this Division. For the remuneration of liquidators appointed by ASIC under section 489EC, see Subdivision D of this Division.

60‑5  External administrator's remuneration

Remuneration in accordance with remuneration determinations
 (1) An external administrator of a company is entitled to receive remuneration for necessary work properly performed by the external administrator in relation to the external administration, in accordance with the remuneration determinations (if any) for the external administrator (see section 60‑10).

Remuneration for external administrators if no remuneration determination made
 (2) If no remuneration determination is made in relation to necessary work properly performed by the external administrator of a company in relation to the external administration, the administrator is entitled to receive reasonable remuneration for the work. However, that remuneration must not exceed the maximum default amount.

60‑10  Remuneration determinations

Remuneration determinations
 (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).
 (2) A determination, specifying remuneration that