Corporations Amendment (Insolvency) Act 2007 (132 of 2007)
Schedule 1 Improving outcomes for creditors
Part 2 Better informing creditor decisions
Corporations Act 2001
29 After subsection 473(4)
Insert:
(4A) If:
(a) no remuneration has been fixed under paragraph (3)(a) or (b); and
(b) a meeting of the company's creditors is convened; and
(c) a resolution under subparagraph (3)(b)(i) cannot be passed because of the lack of a quorum; and
(d) there has been no previous application of this subsection to the remuneration of the liquidator;
the creditors are taken to have passed a resolution under subparagraph (3)(b)(i) determining that the liquidator is entitled to remuneration of:
(e) whichever is the greater of the following amounts:
(i) $5,000;
(ii) if an amount is specified in regulations for the purposes of this subparagraph - that amount; or
(f) if the liquidator determines a lesser amount - that lesser amount.
(4B) Subsection (4A) does not limit the Court's powers under subsection (6).