70‑47 Remuneration claim notice70‑47 Remuneration claim notice

70‑47 Remuneration claim notice

(1) This section is made for the purposes of section 70‑50 of the Insolvency Practice Schedule (Bankruptcy). (2) A regulated debtor or a creditor may elect to receive a remuneration claim notice. The election must be made within 20 business days after receiving a report under section 70‑45. (3) If: (a) a regulated debtor or a creditor has elected under subsection (2) to receive a remuneration claim notice; and (b) the total remuneration claimed by the trustee of the regulated debtor’s estate is greater than the maximum default amount for the trustee; the trustee must give such a notice to the regulated debtor or creditor before finalising the administration. (4) A remuneration claim notice is a notice specifying the following: (a) the total amount of remuneration claimed by the trustee; (b) details of: (i) the work performed for which remuneration is claimed; and (ii) the method of calculating the amount of remuneration claimed; and (iii) the amount of disbursements claimed; and (iv) the method of calculating the amount of disbursements claimed; (c) an explanation of any variation from the amounts set out in any report under section 70‑45 in relation to: (i) the remuneration claimed; and (ii) the method of calculating the amount of remuneration claimed. (5) A remuneration claim notice must also include a statement advising the regulated debtor and the creditors that they may, within 20 business days after receiving the notice, request the Inspector‑General to review the amount of remuneration claimed by the trustee.