S 162 repealed by No 11 of 2016, s 3 and Sch 1 item 52, applicable in relation to the administration of regulated debtors
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estates on and after 1 September 2017. S 162 formerly read:
SECTION 162 TRUSTEE
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S REMUNERATION
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GENERAL
162(1)
Subject to section
161B
, the remuneration of the trustee of the estate of a bankrupt may be fixed, from time to time, by resolution of the creditors or, if the creditors so resolve, by the committee of inspection.
History
S 162(1) amended by No 9 of 1992, s 31(a).
162(2)
Where the remuneration of the trustee is to be, in whole or in part, a commission upon moneys received by the trustee, the trustee is entitled to commission upon all moneys received by the trustee (other than moneys received in the carrying on of a business of the bankrupt by him or her or under his or her supervision) at a rate not exceeding the rate prescribed by the regulations for the purposes of this subsection.
History
S 162(2) substituted by No 12 of 1980, s 82; amended by No 44 of 1996, Sch 1, Pt 1(295).
162(3)
Where the trustee carries on a business of the bankrupt, or a business is carried on by the bankrupt under the supervision of the trustee, the trustee may be paid additional remuneration in the form either of a periodical payment based on, or a commission at the rate prescribed by the regulations for the purposes of this subsection on, the amount by which the estate is increased by reason of the carrying on of that business by him or her or under his or her supervision.
History
S 162(3) substituted by No 12 of 1980, s 82; amended by No 44 of 1996, Sch 1, Pt 1(295).
162(4)
If the remuneration of the trustee is not fixed by the creditors or the committee of inspection, the trustee may, in the circumstances prescribed by the regulations, make an application, in accordance with the regulations, to the Inspector-General for the Inspector-General to decide the trustee
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s remuneration.
History
S 162(4) substituted by No 106 of 2010, Sch 1 item 12, effective 1 December 2010. S 162(4) formerly read:
Where the remuneration of the trustee is not fixed by the creditors or the committee of inspection, the trustee is to be remunerated as prescribed by the regulations.
No 106 of 2010, Sch 1[17] contains the following application provision:
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.
S 162(4) substituted by No 12 of 1980, s 82; amended by No 44 of 1996, Sch 1, Pt 1(296).
162(4A)
If an application is made to the Inspector-General under subsection (4), the Inspector-General must, by writing, decide the trustee
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s remuneration, having regard to the matters prescribed by the regulations.
History
S 162(4A) inserted by No 106 of 2010, Sch 1 item 12, effective 1 December 2010.
No 106 of 2010, Sch 1[17] contains the following application:
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.
162(4B)
The Inspector-General must give written notice of his or her decision under subsection (4A) to the trustee and to the bankrupt and creditors.
History
S 162(4B) inserted by No 106 of 2010, Sch 1 item 12, effective 1 December 2010.
No 106 of 2010, Sch 1[17] contains the following application provision:
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.
162(5)
(Omitted by No 44 of 1996, Sch 1, Pt 1(297).)
162(5A)
The trustee must not withdraw funds from the bankrupt
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s estate in respect of his or her remuneration at intervals of less than one week.
History
S 162(5A) was inserted by No 9 of 1992, s 31(b).
162(6)
Where a trustee receives remuneration for his or her services, a payment in respect of the performance by another person of the ordinary duties that are required by this Act to be performed by the trustee shall not be allowed in his or her accounts unless the payment was authorized by resolution of the creditors or by the committee of inspection.
162(6A)
The trustee must, in relation to the trustee
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s remuneration, give such notices to the bankrupt and creditors as are required by the regulations.
History
S 162(6A) inserted by No 131 of 2002, s 3 and Sch 1 item 140, effective 5 May 2003.
162(7)
This section does not apply in relation to the Official Trustee.
History
S 162(7) amended by No 12 of 1980, s 82.
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