Document ID: chunk:federal_register_of_legislation:C2007A00044:clause:2_21
Version: federal_register_of_legislation:C2007A00044
Segment Type: clause
Provision Reference: sch 2 cl 21
Character Range: 36031–37155

21  After subsection 185C(3)
Insert:

Remuneration of administrator

 (3A) If a debt agreement proposal provides for the remuneration of the person specified under paragraph (2)(c), the debt agreement proposal must:
 (a) provide that the total remuneration of the person specified under paragraph (2)(c) is an amount equal to a specified percentage (the overall remuneration percentage) of the total amount payable by the debtor under the agreement in respect of provable debts; and
 (b) provide that, if the debtor pays an amount (the individual debt repayment amount) under the agreement in respect of those provable debts:
 (i) the debtor must also pay to the person specified under paragraph (2)(c) an amount (the individual remuneration amount) ascertained in accordance with the agreement; and
 (ii) the individual remuneration amount must not exceed the overall remuneration percentage of the individual debt repayment amount; and
 (iii) the person specified under paragraph (2)(c) must apply the individual remuneration amount towards the discharge of the person's entitlement to remuneration under the agreement.