THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.2 - RECEIVERS, AND OTHER CONTROLLERS, OF PROPERTY OF CORPORATIONS

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SECTION 425   COURT'S POWER TO FIX RECEIVER'S REMUNERATION  

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425(1)  [Court's power]  

The Court may by order fix the amount to be paid by way of remuneration to any person who, under a power contained in an instrument, has been appointed as receiver of property of a corporation.

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425(2)  [Extent of power]  

The power of the Court to make an order under this section:

(a)  extends to fixing the remuneration for any period before the making of the order or the application for the order;

(b)  is exercisable even if the receiver has died, or ceased to act, before the making of the order or the application for the order; and

(c)  if the receiver has been paid or has retained for the receiver's remuneration for any period before the making of the order any amount in excess of that fixed for that period - extends to requiring the receiver or the receiver's personal representatives to account for the excess or such part of the excess as is specified in the order.

425(3)  [Excessive remuneration]  

The power conferred by paragraph (2)(c) shall not be exercised in respect of any period before the making of the application for the order unless, in the opinion of the Court, there are special circumstances making it proper for the power to be so exercised.

425(4)  [Variation or amendment of order]  

The Court may from time to time vary or amend an order under this section.

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425(5)  [Application for amendment by liquidator, etc]  

An order under this section may be made, varied or amended on the application of:

(a)  a liquidator of the corporation; or

(b)  an administrator of the corporation; or

(c)  an administrator of a deed of company arrangement executed by the corporation; or

(d)  the Commission.

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425(6)  [Application for amendment by receiver]  

An order under this section may be varied or amended on the application of the receiver concerned.

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425(7)  [No other power to amend]  

An order under this section may be made, varied or amended only as provided in subsections (5) and (6).

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