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

Schedule 1   Improving outcomes for creditors

Part 2   Better informing creditor decisions

Corporations Act 2001

32   Subsection 499(3)

Repeal the subsection, substitute:

(3) The remuneration to be paid to the liquidator may be fixed:

(a) if there is a committee of inspection - by that committee; or

(b) by resolution of the creditors.

(3A) If:

(a) no remuneration has been fixed under subsection (3); and

(b) a meeting of the company's creditors is convened; and

(c) a resolution under paragraph (3)(b) 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 paragraph (3)(b) 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.