Bankruptcy Legislation Amendment Act 2010 (106 of 2010)

Schedule 1   Remuneration of trustees of estates of bankrupts

Bankruptcy Act 1966

7   After subsection 64ZBA(2)

Insert:

(2A) If the proposal relates to how the trustee is to be remunerated, the notice must also:

(a) if the trustee proposes to charge on a time-cost basis:

(i) if there is only one rate at which the remuneration is to be calculated - state that rate; or

(ii) otherwise - state the respective rates at which the remuneration of the trustee and the other persons who will be assisting, or will be likely to assist, the trustee in the performance of his or her duties are to be calculated; and

(b) if the trustee proposes to charge on the basis of a commission upon money received by the trustee - state the rate of that commission; and

(c) state the periods at which the trustee proposes to withdraw funds from the bankrupt's estate in respect of the trustee's remuneration; and

(d) include an estimate of the total amount of the trustee's remuneration and an explanation of the likely impact of that remuneration on the dividends (if any) to creditors.