Document ID: chunk:federal_register_of_legislation:C2016A00011:schedule:2:p30
Version: federal_register_of_legislation:C2016A00011
Segment Type: schedule
Provision Reference: sch 2 (pt 30/59)
Character Range: 84425–87119

trustee to derive the profit or advantage; or
 (b) the Court gives leave to the trustee to derive the profit or advantage.
Note: Subsection (1) would not, for example, prevent the trustee from recovering remuneration for necessary work properly performed by the trustee in relation to the administration of the estate, as the trustee is permitted to do so under other provisions of this Act.
 (4) Despite paragraph (2)(c), subsection (1) does not apply to the extent that:
 (a) the profit or advantage arises because the trustee employs or engages a person to provide services in connection with the administration of the regulated debtor's estate; and
 (b) the person is a related entity of the trustee; and
 (c) one of the following is satisfied:
 (i) the trustee does not know, and could not reasonably be expected to know, that the person employed or engaged is a related entity of the trustee;
 (ii) the creditors, by resolution, agree to the related entity being employed or engaged;
 (iii) it is not reasonably practicable in all the circumstances to obtain the agreement, by resolution, of the creditors to the related entity being employed or engaged and the cost of employing the related entity is reasonable in all the circumstances.
 (5) Subsection (1) does not apply to the extent that the profit or advantage is a payment that:
 (a) is made to the trustee by or on behalf of the Commonwealth or an agency or authority of the Commonwealth; and
 (b) is of a kind prescribed.

Offence
 (6) A person commits an offence of strict liability if:
 (a) the person is subject to a requirement under subsection (1); and
 (b) the person fails to comply with the requirement.
Penalty: 50 penalty units.
Note: A defendant bears an evidential burden in relation to the matters in subsections (3), (4) and (5) (see subsection 13.3(3) of the Criminal Code).

Effect of contravention of this section
 (7) A transaction or any other arrangement entered into in contravention of this section may be set aside by the Court.

60‑21  Inducements to be appointed as trustee
 (1) A person must not give, or agree or offer to give, to another person any valuable consideration with a view to:
 (a) securing the first person's appointment or nomination as a trustee of a regulated debtor's estate; or
 (b) securing or preventing the appointment or nomination of a third person as a trustee of a regulated debtor's estate.

Strict liability offence
 (2) A person commits an offence of strict liability if a person contravenes subsection (1).
Penalty: 50 penalty units or imprisonment for 3 months, or both.

60‑26  Payments in respect of performance by third parties

No payments for performance of trustee's