In forceAmended2020 Revised Edition

Contents

Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 3 · Official Assignee, Official Receiver and Insolvency Practitioners

41. Remuneration of trustee in bankruptcy

Feedback & support

Amended

Last amended by an amending law of 2023.

(1)

A trustee in bankruptcy is entitled to receive such salary or remuneration as is determined in the following manner:

(a)

by agreement between the trustee in bankruptcy and the creditors’ committee, if any;

(b)

where there is no agreement with the creditors’ committee or where there is no such committee —

(i)

by a special resolution of the creditors whose debts have been admitted for the purpose of voting and who are present (in person or by proxy) and voting at a meeting to be convened by the trustee by a notice to each creditor in accordance with subsection (2); or

(ii)

by agreement between the trustee in bankruptcy and all the creditors;

(c)

where there is no determination in the manner mentioned in paragraph (a) or (b), by the Court.

(2)

The trustee in bankruptcy must attach to every notice under subsection (1)(b) a statement of all receipts and expenditure by the trustee and the amount of remuneration sought by the trustee.

(3)

In this section, “special resolution” has the meaning given by section 273(1).

(4)

For the purposes of subsection (1)(b)(ii), a creditor is deemed to have agreed with the trustee in bankruptcy if —

(a)

the trustee has notified the creditor in the prescribed manner of the remuneration sought by the trustee; and

(b)

the creditor has not objected to the remuneration sought by the trustee in the prescribed manner and within the prescribed time.