Bankruptcy Act 1966

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (BANKRUPTCY)  

Note: See section 4A .

PART 3 - GENERAL RULES RELATING TO ESTATE ADMINISTRATIONS  

Division 60 - Remuneration and other benefits received by the trustee  

Subdivision B - Remuneration of trustees  

SECTION 60-12   REMUNERATION DETERMINATIONS - GENERAL RULES  
Manner in which remuneration may be specified

60-12(1)    
A determination under section 60-10 or 60-11 may specify remuneration that the trustee is entitled to receive in either or both of the following ways:

(a)    by specifying an amount of remuneration;

(b)    by specifying a method for working out an amount of remuneration.

Remuneration on a time-cost basis

60-12(2)    
If a determination under section 60-10 or 60-11 specifies that the trustee is entitled to receive remuneration worked out wholly or partly on a time-cost basis, the determination must include a cap on the amount of remuneration worked out on a time-cost basis that the trustee is entitled to receive.

Remuneration on a percentage basis

60-12(3)    
If a determination under section 60-10 or 60-11 specifies that the trustee is entitled to receive remuneration worked out wholly or partly on the basis of a specified percentage of money received by the trustee in respect of the regulated debtor ' s estate:

(a)    the determination must specify the money to which the specified percentage applies; and

(b)    the specified percentage must not be greater than the percentage prescribed for the purposes of this paragraph.

More than one remuneration determination may be made

60-12(4)    
To avoid doubt, more than one determination under section 60-10 or 60-11 may be made in relation to a particular trustee and a particular regulated debtor ' s estate.