132Remuneration of former trustees

132  Remuneration of former trustees Old Act continues to apply where both trustees appointed before commencement  (a) a person ceases to be the trustee of a regulated debtor’s estate and another person becomes the new trustee of the estate; and  (b) both those persons were appointed, or consented to act, as trustee of the estate before the commencement day; then, despite the repeal of section 164 of the old Act by this Schedule, that section continues to apply in relation to the remuneration of those trustees to the extent that the section would have applied in relation to those trustees if it had not been repealed. Operation of the Insolvency Practice Schedule (Bankruptcy) where one trustee is appointed before commencement and one after  (a) a person (the former trustee) ceases to be the trustee of a regulated debtor’s estate and another person (the new trustee) becomes the new trustee of the estate; and  (b) the former trustee was appointed, or consented to act, as trustee of the estate before the commencement day; and  (c) the new trustee was appointed, or consented to act, as trustee of the estate on or after the commencement day; then:  (d) the Insolvency Practice Schedule (Bankruptcy) applies; and  (e) if:  (i) the former trustee and the new trustee agree on the remuneration that the former trustee is entitled to receive for necessary work properly performed by the former trustee in relation to the administration of the regulated debtor’s estate; and  (ii) the creditors, by resolution, endorse that agreement;   the creditors are taken to have made a determination under section 60‑10 of the Insolvency Practice Schedule (Bankruptcy) specifying the agreed remuneration as the remuneration that the former trustee is entitled to receive for the work. Subdivision D—Funds handling 133  Application of Division 65 of the Insolvency Practice Schedule (Bankruptcy)—general rule Division 65 of the Insolvency Practice Schedule (Bankruptcy) applies in relation to an ongoing administration of a regulated debtor’s estate. 134  Administration account If, immediately before the commencement day, a person has an account that complies with the requirements (if any) specified in the old regulations in relation to the administration of:  (a) an estate of a bankrupt; or  (b) more than one estate of a bankrupt or bankrupts; the account is taken on and after the commencement day to be an administration account for the relevant estate for the purposes of section 65‑5 of the Insolvency Practice Schedule (Bankruptcy) and subsection 280(5) of the Bankruptcy Act 1966.