60‑1B Remuneration for restructuring pra60‑1B Remuneration for restructuring practitioners for companies

60‑1B Remuneration for restructuring practitioners for companies

(1) A restructuring practitioner for a company under restructuring is entitled to receive remuneration, in accordance with a remuneration determination for the restructuring practitioner made under this section, for necessary work properly performed by the restructuring practitioner in relation to the restructuring. (2) The determination must be made: (a) by resolution of the board; and (b) on or before the day on which the restructuring practitioner is appointed. (3) The determination may specify the restructuring practitioner’s remuneration only by specifying: (a) an amount of remuneration; and (b) a method for working out an amount of remuneration that, in the event that the board consents in writing to beginning or proceeding with proceedings relating to the restructuring of the company, the restructuring practitioner would be entitled to receive for necessary work properly performed in relation to the proceedings.