Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) For the purposes of paragraph 109(1)(a) of the Act, the order that the trustee of the estate of a bankrupt must apply the proceeds of the bankrupt's property to the costs, charges, expenses and remuneration mentioned in the following table is the order that appears in the table.
Order of payment of certain costs, charges, expenses and remuneration | |
Item | Costs, charges and expenses |
1 | Realisations charge payable by the trustee in relation to the estate under the Bankruptcy (Estate Charges) Act 1997 |
2 | If the trustee is a registered trustee to whom the Official Trustee transferred the administration of the bankruptcy, both of the following in relation to the administration of the bankruptcy by the Official Trustee before the transfer: (a) any remuneration payable to the Official Trustee under the Fees and Remuneration Determination; (b) any reimbursement that is payable to the Official Trustee under section 108 |
3 | Expenses reasonably incurred by or on behalf of the trustee: (a) in protecting all or part of the bankrupt's assets; or (b) in carrying on, in accordance with the Act, a business of the bankrupt |
4 | If a creditor made an advance to the trustee for the purposes of the trustee's administration of the bankruptcy--an amount, payable to the creditor, equal to that advance |
5 | Fees, costs, charges or expenses (other than fees, costs, charges or expenses covered by another item of this table) paid or payable by the trustee in administering the bankrupt's estate |
6 | If: (a) an order was made under subsection 50(1) of the Act in relation to the bankrupt when the bankrupt was a debtor; and (b) an amount was deposited by a creditor, in accordance with that order, with the trustee; an amount, payable to the creditor, equal to the trustee's preliminary remuneration and expenses in relation to the debtor |
7 | The following: (a) if a creditor applied for: (i) a sequestration order against the estate; or (ii) an order for the administration of the estate under Part XI of the Act; the taxed costs of the creditor in relation to the application; (b) if the administrator of the estate of a deceased person presented a petition for an order for the administration of the estate under Part XI of the Act--the taxed costs of the administrator; (c) if a person made an application for a sequestration order under Part X of the Act--both of the following: (i) the taxed costs of that person in relation to the application; (ii) any taxed costs of that person in respect of an application for an order under Division 5 or 6 of Part IX of the Act in relation to the estate |
8 | The trustee's remuneration (other than remuneration covered by item 6): (a) if the trustee is the Official Trustee--payable to the Official Trustee under the Fees and Remuneration Determination; or (b) if the trustee is a registered trustee--payable to the registered trustee under section 60 - 5 of Schedule 2 to the Act |
9 | If: (a) there is a committee of inspection in relation to the administration of the estate; and (b) the creditors of the estate, or a majority of them, have approved payment of out - of - pocket expenses incurred by a member of the committee of inspection; those expenses, to the extent that the trustee allows them as being fair and reasonable |
10 | Costs of any audit carried out under section 70 - 15 or 70 - 20 of Schedule 2 to the Act in relation to the estate |
References to certain applicants and petitioners where debtor's petition accepted
(2) For the purposes of item 7 of the table, a reference to an applicant or a person presenting a petition is taken to include a reference to a person whose application or petition has not been proceeded with because a debtor's petition presented by the bankrupt has been accepted by the Official Receiver (whether or not that debtor's petition was referred to the Court under subsection 55(3B) of the Act, and whatever the outcome of such a referral).