Document ID: chunk:federal_register_of_legislation:C2007A00132:clause:1_25
Version: federal_register_of_legislation:C2007A00132
Segment Type: clause
Provision Reference: sch 1 cl 25
Character Range: 30893–32225

25  Subsection 449E(1)
Repeal the subsection, substitute:

 (1) The administrator of a company under administration is entitled to receive such remuneration as is determined:
 (a) by agreement between the administrator and the committee of creditors (if any); or
 (b) by resolution of the company's creditors; or
 (c) if there is no such agreement or resolution—by the Court.

 (1A) The administrator of a company under a deed of company arrangement is entitled to receive such remuneration as is determined:
 (a) by agreement between the administrator and the committee of inspection (if any); or
 (b) by resolution of the company's creditors; or
 (c) if there is no such agreement or resolution—by the Court.

 (1B) To be effective, a resolution under paragraph (1)(b) or (1A)(b) must deal exclusively with remuneration of the administrator.

Note: This means that the resolution must not be bundled with any other resolution.

 (1C) The Court may determine remuneration under paragraph (1)(c) even if:
 (a) there has been no meeting of the committee of creditors; or
 (b) there has been no meeting of the company's creditors.

 (1D) The Court may determine remuneration under paragraph (1A)(c) even if:
 (a) there has been no meeting of the committee of inspection; or
 (b) there has been no meeting of the company's creditors.