70‑35 Initial remuneration notice70‑35 Initial remuneration notice

70‑35 Initial remuneration notice

(1) This section is made for the purposes of section 70‑50 of the Insolvency Practice Schedule (Bankruptcy). (2) The trustee of a regulated debtor’s estate must give to the regulated debtor and as many of the creditors as reasonably practicable a notice (an initial remuneration notice) specifying the following: (a) the method by which the trustee seeks to be remunerated; (b) the rate of remuneration; (c) an estimate of the expected amount of the trustee’s remuneration; (d) the method by which disbursements will be calculated. (3) The initial remuneration notice must: (a) include a brief explanation of the types of methods that could be used to calculate remuneration; and (b) specify the method that the trustee proposes to use to calculate remuneration; and (c) explain why the method is appropriate. (4) If the trustee proposes to receive remuneration worked out wholly or partly on a time‑cost basis, the notice must include details about the respective rates at which the remuneration of the trustee and the other persons who will be assisting, or will be likely to assist, the trustee in the performance of his or her duties are to be calculated. (5) The initial remuneration notice must be in writing and must be given to the regulated debtor and the creditors: (aa) in the case where: (i) the regulated debtor has become a bankrupt by force of section 55, 56E or 57 of the Act in connection with the presentation of a debtor’s petition; and (ii) the trustee receives the regulated debtor’s statement of affairs from the Official Receiver under subsection 55(5), 56E(4) or 57(6) of the Act; within 20 business days after the day the trustee receives that statement; and (a) in the case of a trustee of a personal insolvency agreement who was not the controlling trustee for a debtor under section 188 or 192 of the Act before the agreement for the debtor was executed—within 20 business days after the day the agreement is executed as required by section 216 of the Act; and (b) in any other case: (i) within 20 business days after the day the trustee receives the regulated debtor’s statement of affairs; or (ii) if the trustee does not receive the regulated debtor’s statement of affairs within 60 days after the date of the bankruptcy—within 7 days after the end of the 60 day period.