60‑1C Remuneration for restructuring pra60‑1C Remuneration for restructuring practitioners for restructuring plans

60‑1C Remuneration for restructuring practitioners for restructuring plans

(1) A restructuring practitioner for a restructuring plan is entitled to receive remuneration, in accordance with the plan, for necessary work properly performed by the restructuring practitioner in relation to the plan. (2) The plan must specify the remuneration that the restructuring practitioner is entitled to receive. (3) The plan may specify the restructuring practitioner’s remuneration only by specifying: (a) an amount of remuneration as a specified percentage of payments made to creditors in accordance with the plan; 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 plan, the restructuring practitioner would be entitled to receive for necessary work properly performed in relation to the proceedings.