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

Schedule 1   Improving outcomes for creditors

Part 2   Better informing creditor decisions

Corporations Act 2001

31   At the end of section 495

Add:

(5) Before remuneration is fixed under subsection (1), the liquidator or liquidators, or the proposed liquidator or proposed liquidators, must:

(a) prepare a report setting out:

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

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

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

(b) table the report at the relevant general meeting.