Commonwealth Numbered Regulations

1996 No. 263 BANKRUPTCY REGULATIONS - REG 16.07

16.07. (1) Subject to subregulation (2), the fees specified in Schedule 10 are
payable to the Official Trustee, by way of remuneration under subsection 163
(1) of the Act, in respect of the matters in relation to which they are so
specified.

(2) If the total amount of fees payable, in respect of a particular
bankruptcy, for matters that are specified in Schedule 10 would, apart from
this subregulation, be less than $265, a fee of $265 is payable for those
matters. EXAMPLE: In a particular bankruptcy, a total of 10 matters arise
under Schedule 10, for which the total fees specified in the Schedule amount
to $220; in that case, a fee of $265 is payable.

(3) Where the Official Trustee:

   (a)  acts as trustee of the estate of:

        (i)    a bankrupt; or

        (ii)   a deceased person in respect of whose estate an order for
               administration has been made under Part XI of the Act; or

   (b)  acts, under Part X of the Act:

        (i)    as controlling trustee; or

        (ii)   as trustee as the result of a deed of assignment, deed of
               arrangement or composition; a fee is payable out of the estate
               to the Official Trustee, subject to regulation 16.08, as
               follows:

   (c)  if the prescribed amount in respect of the estate or the debtor does
        not exceed $4,000 - a fee of $4,000 or the prescribed amount,
        whichever is the less;

   (d)  if the prescribed amount in respect of the estate or the debtor
        exceeds $4,000 but does not exceed $50,000 - a fee equal to the sum of
        $4,000 and an amount equal to 15 percent of the amount by which the
        prescribed amount exceeds $4,000;

   (e)  if the prescribed amount in respect of the estate or the debtor
        exceeds $50,000 - a fee equal to the sum of $10,900 and an amount
        equal to 10 percent of the amount by which the prescribed amount
        exceeds $50,000.

(4) For the purposes of subregulation (3), the prescribed amount in respect of
an estate or a debtor is determined using the formula: amount realised -
(business costs + securities) where:

"amount realised", subject to subregulations (5) and (6), means the total
amount realised, or brought to credit, by the Official Trustee in the estate
or in relation to the debtor, as the case may be;

"business costs" means the amount paid by the Official Trustee in carrying on
the business of the bankrupt, deceased person or debtor;

"securities" means the amount paid to secured creditors in respect of their
securities.

(5) Where:

   (a)  the Official Trustee administers the estate of a bankrupt or deceased
        person; and

   (b)  the bankrupt, or a person acting on behalf of the bankrupt or deceased
        person, applies property that has vested in the Official Trustee by
        reason of section 58 of the Act in payment of a creditor of the
        estate; and

   (c)  the Official Trustee is consequently prevented from realising or
        bringing to credit the value of that property; the property so applied
        is taken for the purposes of the definition of

"amount realised" in subregulation (4), unless the Court otherwise orders, to
have been realised or brought to credit by the Official Trustee.

(6) For the purposes of the definition of "amount realised' in subregulation
(4), the total amount realised or brought to credit:

   (a)  includes any amount that is:

        (i)    offered under a proposal for a composition or scheme of
               arrangement under Division 6 of Part IV of the Act; and

        (ii)   accepted by the creditors in accordance with subsection 73 (4)
               of the Act; and

   (b)  does not include any amounts paid to the trustee by creditors under:

        (i)    an indemnity in respect of costs; or

        (ii)   section 50 of the Act.

(7) Where the Official Trustee carries on the business of a bankrupt or
deceased person or, having been directed to take control of the property of a
debtor under section 50 of the Act, carries on the business of the debtor, the
Official Trustee is entitled to receive a fee calculated at the rate of 2.5
percent of the amount received by the Official Trustee in the course of
carrying on the business of the bankrupt, deceased person or debtor.

(8) Where the Official Trustee:

   (a)  takes control of the property of a debtor under a direction of
        the Court under section 50 of the Act; or

   (b)  administers a debt agreement, or property under a debt agreement, made
        under section 185H of the Act; a fee is payable to the Official
        Trustee in respect of time spent by the Official Trustee, or an
        officer assisting the Official Trustee, in exercising control of the
        property, as follows:

   (c)  if the Official Trustee or other officer occupies, or is for the time
        being performing the duties of, an office or position in the Senior
        Executive Service of the Australian Public Service - $240 for each
        hour or part of an hour; and

   (d)  if the Official Trustee or other officer occupies, or is for the time
        being performing the duties of, an office or position of Insolvency
        and Trustee Officer Grade 2, or an equivalent or higher office or
        position (other than one referred to in paragraph (a)) in the
        Australian Public Service - $155 for each hour or part of an hour; and

   (e)  if the officer occupies, or is for the time being performing the
        duties of, an office or position of Insolvency and Trustee Officer
        Grade 1, or an equivalent or lower office or position in the
        Australian Public Service - $130 for each hour or part of an hour.

(9) A fee payable under subregulation (7) or (8) is in addition to any fee
payable under subregulation (3). [NOTE: See also regulation 8.12 (prescribed
remuneration of the Official Trustee).]