Bankruptcy (Fees and Remuneration) Determination 2014
3.01Realised balance
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3.01 Realised balance
(1) For this Part, realised balance, for an estate or debtor at a time, is the lesser of: (a) amount realised—(business costs + securities); and (b) costs of administration + debts; where:
amount realised means the total amount realised, or brought to credit, in the estate or for the debtor by the Official Trustee up to that time, other than any amounts paid to the trustee by creditors:
(a) under an indemnity for costs; or
(b) under section 50 of the Act.
business costs means the amount paid by the Official Trustee in carrying on the business of the bankrupt, debtor or deceased person up to that time.
costs of administration means the proper costs, charges and expenses of administration of the estate, other than:
(a) any realisation charge paid or payable by the Official Trustee under an Act; and
(b) any remuneration paid or payable to the Official Trustee under this Determination.
debts means the total of:
(a) the taxed costs of the petitioning creditor; and
(b) proved or provable debts of the estate or debtor, including interest accrued before the date of bankruptcy; and
(c) if they are interest‑bearing debts—interest accrued on and after that date on those debts.
securities means the amount paid to secured creditors in relation to their securities up to that time.
Note: Example: If the realised balance calculated under paragraph (a) is $3 500, but under paragraph (b) the costs of administration and the amount of debts totals only $3 000, the realised balance is taken to be $3 000.
(2) For subsection (1), property vested in the Official Trustee because of section 58 of the Act in connection with the estate of a bankrupt or deceased person is taken, unless the Court otherwise orders, to have been realised or brought to credit by the Official Trustee if: (a) the property is applied by the bankrupt, or a person acting on behalf of the bankrupt or deceased person, in payment of a creditor of the estate; and (b) the Official Trustee is consequently prevented from realising or bringing to credit the value of the property.