Document ID: chunk:federal_register_of_legislation:F2022C00672:body:0:p11
Version: federal_register_of_legislation:F2022C00672
Segment Type: other
Provision Reference: 
Character Range: 27631–30494

divisible property is likely to have a material impact on the administration of a regulated debtor's estate; and
 (b) the market value of the property is not readily ascertainable;
the registered trustee must obtain advice from an independent expert in assessing:
 (c) the extent of the trustee's interest in any realisable asset; and
 (d) the value of the property or offers for the property.

42‑55  Disposal of property
  A registered trustee must act independently and impartially in undertaking transactions and dealings relating to the disposal of the property of a regulated debtor.

42‑60  Costs incurred to be necessary and reasonable
  In conducting an administration, a registered trustee must:
 (a) incur only those costs that are necessary and reasonable; and
 (b) before deciding whether it is appropriate to incur a cost, compare the amount of the cost likely to be incurred with the value and complexity of the administration.

42‑65  Rate for tasks undertaken by trustee's staff
 (1) This section applies if the remuneration of a registered trustee is worked out wholly or partly on a time‑cost basis.
 (2) The registered trustee must ensure that time billed for a task undertaken in conducting an administration is charged at the appropriate rate for the level of staff who would be reasonably expected to undertake the task.

42‑70  Keeping proper records in relation to work done
  A registered trustee must ensure that proper records are kept that:
 (a) adequately describe the nature of the work; and
 (b) if the trustee's remuneration is worked out wholly or partly on a time‑cost basis—provide evidence of the time spent on work done in conducting an administration.

42‑75  Need for meeting
  A registered trustee must consider whether the matters sought to be addressed at a meeting of creditors:
 (a) require the holding of a meeting; or
 (b) could be addressed more cost effectively by another form of communication with creditors.

42‑80  Matters to be considered when holding a meeting
  In deciding whether the proposed time and place for a meeting of creditors is convenient for the creditors, a registered trustee must consider the following:
 (a) the requirements for meetings set out in the Act, the regulations and these Rules;
 (b) the location of creditors;
 (c) the ability of creditors to return proxies and statements of debt;
 (d) the complexity of issues to be considered by creditors before the meeting.

42‑85  Attendance at meetings
  A registered trustee, or a person appointed under section 75‑25 of the Insolvency Practice Schedule (Bankruptcy) to represent the trustee at a meeting of creditors, must attend meetings of creditors.

42‑90  Verifying payments and transfers
  A registered trustee must verify all payments from an administration, and transfers between estates, by reference to appropriate supporting