Document ID: chunk:federal_register_of_legislation:C2007A00132:clause:1_33
Version: federal_register_of_legislation:C2007A00132
Segment Type: clause
Provision Reference: sch 1 cl 33
Character Range: 41237–42481

33  At the end of section 499
Add:

 (6) Before remuneration is fixed under subsection (3) by the committee of inspection, the liquidator must:
 (a) prepare a report setting out:
 (i) such matters as will enable the members of the committee to make an informed assessment as to whether the proposed remuneration is reasonable; and
 (ii) a summary description of the major tasks performed, or likely to be performed, by the liquidator; and
 (iii) the costs associated with each of those major tasks; and
 (b) give a copy of the report to each member of the committee at the same time as the member is notified of the relevant meeting of the committee.

 (7) Before remuneration is fixed under subsection (3) by resolution of the creditors, the liquidator must:
 (a) prepare a report setting out:
 (i) such matters as will enable the creditors to make an informed assessment as to whether the proposed remuneration is reasonable; and
 (ii) a summary description of the major tasks performed, or likely to be performed, by the liquidator; and
 (iii) the costs associated with each of those major tasks; and
 (b) give a copy of the report to each of the creditors at the same time as the creditor is notified of the relevant meeting of creditors.