Document ID: chunk:federal_register_of_legislation:F2022C00672:body:0:p22
Version: federal_register_of_legislation:F2022C00672
Segment Type: other
Provision Reference: 
Character Range: 55848–58797

60‑17  Notice of remuneration determination by Inspector‑General
  If the Inspector‑General makes a remuneration determination under subsection 60‑11(1) of the Insolvency Practice Schedule (Bankruptcy), the Inspector‑General must give a copy of the remuneration determination to the following:
 (a) the trustee;
 (b) the regulated debtor;
 (c) as many of the creditors as reasonably practicable.

60‑20  Remuneration on a percentage basis—maximum percentage
  For the purposes of subsection 60‑12(3) of the Insolvency Practice Schedule (Bankruptcy), the percentage specified in a remuneration determination must not exceed:
 (a) if the money received by the trustee does not exceed $30,000—20%; or
 (b) if the money received by the trustee exceeds $30,000 but does not exceed $50,000—20% for the first $30,000 and 17.5% for the balance of the money received; or
 (c) if the money received by the trustee exceeds $50,000—20% for the first $30,000, 17.5% for the next $20,000 and 15% for the balance of the money received.

60‑25  Trustee must not derive profit or advantage from the administration of the estate—exceptions
 (1) This section is made for the purposes of subsection 60‑20(5) of the Insolvency Practice Schedule (Bankruptcy).
 (2) A payment made for the purposes of administering claims for financial assistance from the Commonwealth in relation to unpaid employment entitlements is prescribed.

Division 65—Funds handling

Subdivision A—General rules

65‑1  Administration account
  The following requirements are prescribed in relation to administration accounts of regulated debtors' estates for the purposes of paragraph 65‑10(b) of the Insolvency Practice Schedule (Bankruptcy):
 (a) the account must be held with an ADI;
 (b) the account must be an interest‑bearing account.

65‑5  Penalty interest
 (1) This section:
 (a) is made for the purposes of paragraph 65‑50(a) of the Insolvency Practice Schedule (Bankruptcy); and
 (b)  applies if:
 (i) the trustee of a regulated debtor's estate pays money out of the administration account in contravention of subsection 65‑25(1) of the Insolvency Practice Schedule (Bankruptcy); and
 (ii) the amount exceeds $50; and
 (iii) the trustee does not have a reasonable excuse for doing so.
 (2) The trustee must, by way of penalty, pay interest to the Commonwealth at the rate of 20% per annum on the amount for the period:
 (a) beginning at the start of the day that the amount was paid out of the administration account; and
 (b) ending at the end of the day that an amount equal to that amount is paid into the administration account by the trustee.

Subdivision B—Review of third party bill of costs

65‑20  Application to Inspector‑General for review of third party bill of costs
 (1) This section is made for the purposes of section 65‑46 of the Insolvency Practice Schedule (Bankruptcy).
 (2) The trustee of the regulated debtor's estate may apply to the Inspector‑General to review a