Document ID: chunk:federal_register_of_legislation:F2022C01140:body:0:p23
Version: federal_register_of_legislation:F2022C01140
Segment Type: other
Provision Reference: 
Character Range: 66985–69940

is given; and
           (c) in the case of a winding up by the Court—within 20 business days after the external administrator is appointed; and
           (d) in the case of a voluntary winding up—within 10 business days after the day of the meeting of the company at which the resolution for voluntary winding up is passed.

       70‑35  Initial remuneration notice

        (1) This section:
           (a) is made for the purposes of section 70‑50 of the Insolvency Practice Schedule (Corporations); and
           (b) applies if an external administrator intends to seek a remuneration determination in relation to the external administration.

        (2) The external administrator of a company must give to as many of the creditors as reasonably practicable a notice (an initial remuneration notice) specifying the following:
           (a) the method by which the external administrator seeks to be remunerated;
           (b) the rate of remuneration;
           (c) an estimate of the expected amount of the external administrator's remuneration;
           (d) the method by which disbursements will be calculated.

        (3) The initial remuneration notice must:
           (a) include a brief explanation of the types of methods that could be used to calculate remuneration; and
           (b) specify the method that the external administrator proposes to use to calculate remuneration; and
           (c) explain why the method is appropriate.

        (4) If the external administrator proposes to receive remuneration worked out wholly or partly on a time‑cost basis, the notice must include details about the respective rates at which the remuneration of the external administrator and the other persons who will be assisting, or will be likely to assist, the administrator in the performance of his or her duties are to be calculated.

        (5) The initial remuneration notice:
           (a) must be in writing; and
           (b) must be given at the same time as the information mentioned in section 70‑30 is given to the creditors.

70‑40  Report about dividends to be given in certain external administrations
 (1) This section:
 (a) is made for the purposes of section 70‑50 of the Insolvency Practice Schedule (Corporations); and
 (b) applies if a liquidator has been appointed in relation to a company.
 (2) If the company is following the simplified liquidation process:
 (a) the liquidator must provide to the creditors of the company a report containing information on the following:
 (i) anything relating to the winding up of the company that has been done by the liquidator to date;
 (ii) the date on which, in the liquidator's opinion, the winding up of the company is likely to end;
 (iii) the likelihood of creditors receiving a dividend before the affairs of the company are fully wound up; and
 (b) the report must be provided within 3 months after the date of the liquidator's appointment; and
 (c) a copy of