Corporations Amendment (Insolvency) Act 2007 (132 of 2007)

Schedule 1   Improving outcomes for creditors

Part 2   Better informing creditor decisions

Corporations Act 2001

33   At the end of section 499

Add:

(6) Before remuneration is fixed under subsection (3) by the committee of inspection, the liquidator must:

(a) prepare a report setting out:

(i) such matters as will enable the members of the committee to make an informed assessment as to whether the proposed remuneration is reasonable; and

(ii) a summary description of the major tasks performed, or likely to be performed, by the liquidator; and

(iii) the costs associated with each of those major tasks; and

(b) give a copy of the report to each member of the committee at the same time as the member is notified of the relevant meeting of the committee.

(7) Before remuneration is fixed under subsection (3) by resolution of the creditors, the liquidator must:

(a) prepare a report setting out:

(i) such matters as will enable the creditors to make an informed assessment as to whether the proposed remuneration is reasonable; and

(ii) a summary description of the major tasks performed, or likely to be performed, by the liquidator; and

(iii) the costs associated with each of those major tasks; and

(b) give a copy of the report to each of the creditors at the same time as the creditor is notified of the relevant meeting of creditors.