Bankruptcy Act 1966
View history note
Hide history noteDiv 5 repealed by No 11 of 2016, s 3 and Sch 1 item 24, applicable in relation to the administration of regulated debtors ' estates on and after 1 September 2017.
Div 5 heading amended by No 119 of 1987, s 24; No 115 of 1990, s 3; substituted by No 9 of 1992, s 9.
Subdiv D repealed by No 11 of 2016, s 3 and Sch 1 item 24, applicable in relation to the administration of regulated debtors ' estates on and after 1 September 2017.
Subdiv D heading inserted by No 9 of 1992, s 12.
(Repealed by No 11 of 2016)
S 64U repealed by No 11 of 2016, s 3 and Sch 1 item 24, applicable in relation to the administration of regulated debtors
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estates on and after 1 September 2017. S 64U formerly read:
S 64U(1) inserted by No 9 of 1992, s 12. S 64U(2) repealed by No 106 of 2010, Sch 1 item 1, effective 1 December 2010. S 64U(2) formerly read: No 106 of 2010, Sch 1[17] contains the following application provision:
S 64U(3) repealed by No 106 of 2010, Sch 1 item 1, effective 1 December 2010. S 64U(3) formerly read: No 106 of 2010, Sch 1[17] contains the following application provision:
S 64U(4) repealed by No 106 of 2010, Sch 1 item 1, effective 1 December 2010. S 64U(4) formerly read: No 106 of 2010, Sch 1[17] contains the following application provision effective 1 December 2010:
and must also state the periods at which the trustee proposes to withdraw funds from the bankrupt
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s estate in respect of the trustee
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s remuneration. S 64U(5) amended by No 106 of 2010, Sch 1 item 2, effective 1 December 2010, by substituting
"
The trustee must then state the basis on which the trustee wishes to be remunerated. The statement
"
for
"
A statement to be made by the trustee as mentioned in subsection (3)
"
. No 106 of 2010, Sch 1[17] contains the following application provision:
S 64U(5A) amended by No 106 of 2010, Sch 1 item 3, effective 1 December 2010, by substituting
"
subsection (5)
"
for
"
subsection (3)
"
. No 106 of 2010, Sch 1[17] contains the following application provision:
S 64U(5A) inserted by No 131 of 2002 (as amended by No 80 of 2004, s 3 and Sch 7), s 3 and Sch 1 items 49 and 210, applicable to meetings held after 5 May 2003. For additional provision on the commencement of No 131 of 2002, see note under s 33A. S 64U(6) inserted by No 9 of 1992, s 12. S 64U(6A) inserted by No 106 of 2010, Sch 1 item 4, effective 1 December 2010. No 106 of 2010, Sch 1[17] contains the following application provision:
S 64U(7) amended by No 106 of 2010, Sch 1 item 5, effective 1 December 2010, by substituting
"
subsection (6A)
"
for
"
subsection (4)
"
. Sch 1[17] contains the following application provision:
then subsections (1) to (7) of this section do not apply in relation to the meeting. S 64U(7A) inserted by No 106 of 2010, Sch 1 item 6, effective 1 December 2010. Sch 1[17] contains the following application provision:
SECTION 64U REMUNERATION OF REGISTERED TRUSTEE
64U(1)
If the meeting is the first meeting of the bankrupt
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s creditors and the trustee is a registered trustee, the President must then ask the trustee to state the basis on which the trustee wishes to be remunerated.
64U(2)
(Repealed by No 106 of 2010)
64U(2)
If the trustee states that he or she wishes to be remunerated as prescribed by the regulations, the minutes secretary is to record that statement in the minutes of the meeting.
17 Application
The amendments made by this Schedule apply in relation to bankruptcies for which the date of the bankruptcy is on or after the day on which this item commences.
64U(3)
(Repealed by No 106 of 2010)
64U(3)
If the trustee states a different basis for the fixing of his or her remuneration, the following provisions of this section have effect.
17 Application
The amendments made by this Schedule apply in relation to bankruptcies for which the date of the bankruptcy is on or after the day on which this item commences.
64U(4)
(Repealed by No 106 of 2010)
64U(4)
The President must invite the creditors and their representatives to propose a motion that the trustee be remunerated in accordance with the statement and, if no such motion is proposed, the trustee may propose such a motion.
17 Application
The amendments made by this Schedule apply in relation to bankruptcies for which the date of the bankruptcy is on or after the day on which this item commences.
64U(5)
The trustee must then state the basis on which the trustee wishes to be remunerated. The statement must:
(a)
if the trustee proposes to charge on a time-cost basis:
(i)
if there is only one rate at which the remuneration is to be calculated
-
state that rate; or
(ii)
otherwise
-
state the respective rates at which the remuneration of the trustee and the other persons who will be assisting, or will be likely to assist, the trustee in the performance of his or her duties are to be calculated; or
(b)
if the trustee proposes to charge on the basis of a commission upon money received by the trustee
-
state the rate of that commission;
17 Application
The amendments made by this Schedule apply in relation to bankruptcies for which the date of the bankruptcy is on or after the day on which this item commences.
64U(5A)
The statement under subsection (5) must also include:
(a)
an estimate of the total amount of the trustee
'
s remuneration; and
(b)
an explanation of the likely impact of that remuneration on the dividends (if any) to creditors.
17 Application
The amendments made by this Schedule apply in relation to bankruptcies for which the date of the bankruptcy is on or after the day on which this item commences.
64U(6)
Any of the creditors and their representatives may ask the trustee questions about the proposed remuneration of the trustee and, if such a question is asked, the trustee must answer it.
64U(6A)
The President must invite the creditors and their representatives to propose a motion that the trustee be remunerated in accordance with the statement and, if no such motion is proposed, the trustee may propose such a motion.
17 Application
The amendments made by this Schedule apply in relation to bankruptcies for which the date of the bankruptcy is on or after the day on which this item commences.
64U(7)
Any of the creditors and their representatives may move an amendment to a motion proposed in accordance with subsection (6A) so as to change in any way the basis on which the trustee is to charge or the periods at which the trustee may withdraw funds in respect of his or her remuneration or to refer the fixing of the trustee
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s remuneration to a committee of inspection.
17 Application
The amendments made by this Schedule apply in relation to bankruptcies for which the date of the bankruptcy is on or after the day on which this item commences.
64U(7A)
If:
(a)
the meeting is the first meeting of the bankrupt
'
s creditors and the trustee is a registered trustee; and
(b)
the following apply:
(i)
before the meeting the trustee had given a notice under section 64ZBA that contained a proposal relating to how the trustee was to be remunerated;
(ii)
the notice satisfied subsections
64ZBA(2)
and
(2A)
;
(iii)
the proposal was taken to have been passed under subsection
64ZBA(3)
;
17 Application
The amendments made by this Schedule apply in relation to bankruptcies for which the date of the bankruptcy is on or after the day on which this item commences.
64U(8)
If the meeting is not the first meeting of the bankrupt
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s creditors and the trustee is a registered trustee, the President must request the trustee to lay before the meeting a statement of the amount of remuneration drawn by the trustee from the funds of the bankrupt
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s estate before the meeting was held and the trustee must comply with the request.
S 64U(8) inserted by No 9 of 1992, s 12.
[ CCH Note: For application of this section to meetings of creditors under Div 6 of Part IV see Bankruptcy Rules Sch 1A.]
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