Document ID: chunk:federal_register_of_legislation:C2007A00132:clause:1_32
Version: federal_register_of_legislation:C2007A00132
Segment Type: clause
Provision Reference: sch 1 cl 32
Character Range: 40303–41237

32  Subsection 499(3)
Repeal the subsection, substitute:

 (3) The remuneration to be paid to the liquidator may be fixed:
 (a) if there is a committee of inspection—by that committee; or
 (b) by resolution of the creditors.

 (3A) If:
 (a) no remuneration has been fixed under subsection (3); and
 (b) a meeting of the company's creditors is convened; and
 (c) a resolution under paragraph (3)(b) cannot be passed because of the lack of a quorum; and
 (d) there has been no previous application of this subsection to the remuneration of the liquidator;
the creditors are taken to have passed a resolution under paragraph (3)(b) determining that the liquidator is entitled to remuneration of:
 (e) whichever is the greater of the following amounts:
 (i) $5,000;
 (ii) if an amount is specified in regulations for the purposes of this subparagraph—that amount; or
 (f) if the liquidator determines a lesser amount—that lesser amount.