Document ID: chunk:federal_register_of_legislation:F2022C01140:body:0:p17
Version: federal_register_of_legislation:F2022C01140
Segment Type: other
Provision Reference: 
Character Range: 50318–53615

Conduct Commissioner of South Australia;
           (n) the Law Society of Tasmania;
           (o) the Law Society of the Australian Capital Territory;
           (p) the Law Society Northern Territory.

       Part 3—General rules relating to external administrations

       Division 60—Remuneration and other benefits received by external administrators

Subdivision A—Remuneration of restructuring practitioners

60‑1A  Authority
  This Subdivision is made for the purposes of subsection 60‑18(1) of the Insolvency Practice Schedule (Corporations).

60‑1B  Remuneration for restructuring practitioners for companies
 (1) A restructuring practitioner for a company under restructuring is entitled to receive remuneration, in accordance with a remuneration determination for the restructuring practitioner made under this section, for necessary work properly performed by the restructuring practitioner in relation to the restructuring.
 (2) The determination must be made:
 (a) by resolution of the board; and
 (b) on or before the day on which the restructuring practitioner is appointed.
 (3) The determination may specify the restructuring practitioner's remuneration only by specifying:
 (a) an amount of remuneration; and
 (b) a method for working out an amount of remuneration that, in the event that the board consents in writing to beginning or proceeding with proceedings relating to the restructuring of the company, the restructuring practitioner would be entitled to receive for necessary work properly performed in relation to the proceedings.

60‑1C  Remuneration for restructuring practitioners for restructuring plans
 (1) A restructuring practitioner for a restructuring plan is entitled to receive remuneration, in accordance with the plan, for necessary work properly performed by the restructuring practitioner in relation to the plan.
 (2) The plan must specify the remuneration that the restructuring practitioner is entitled to receive.
 (3) The plan may specify the restructuring practitioner's remuneration only by specifying:
 (a) an amount of remuneration as a specified percentage of payments made to creditors in accordance with the plan; and
 (b) a method for working out an amount of remuneration that, in the event that the board consents in writing to beginning or proceeding with proceedings relating to the plan, the restructuring practitioner would be entitled to receive for necessary work properly performed in relation to the proceedings.

Subdivision B—Duties of external administrators relating to remuneration and benefits etc.

       60‑2  External administrator must not derive profit or advantage from the administration of the company—exceptions

        (1) This section is made for the purposes of subsection 60‑20(5) of the Insolvency Practice Schedule (Corporations).

        (2) The following payments made to an external administrator by or on behalf of the Commonwealth or an agency or authority of the Commonwealth are prescribed:
           (a) a payment from the Assetless Administration Fund administered by ASIC;
           (b) a payment made for the purposes of administering claims for financial assistance from the Commonwealth in relation to unpaid employment entitlements.

       Division 70—Information

       70‑1  Time