9Remuneration of receiver (Corporations Act s 425 (1))—Form 16

9 Remuneration of receiver (Corporations Act s 425 (1))—Form 16

9.1 Remuneration of receiver (Corporations Act s 425 (1))—Form 16

(1) This rule applies to an application by a receiver of property of a corporation for an order under subsection 425 (1) of the Corporations Act fixing the receiver’s remuneration.

Note 1—

Under paragraph 425 (2) (b) of the Corporations Act, the Court may exercise its power to make an order fixing the remuneration of a receiver appointed under an instrument even if the receiver has died, or has ceased to act, before the making of the order or the application for the order.

Note 2—

The amendment to section 425 of the Corporations Act made by the Corporations Amendment (Insolvency) Act 2007of the Commonwealth applies in relation to a receiver appointed on or after 31 December 2007—see Corporations Act s 1480 (5).

(2) At least 21 days before filing an originating process, or interlocutory process, seeking the order, the receiver must serve a notice in accordance with Form 16 of the receiver’s intention to apply for the order, and a copy of any affidavit on which the receiver intends to rely, on the following persons:

(a) the person who appointed the receiver,

(b) any creditor holding security over all or any of the same property of the corporation (except if the creditor is the person who appointed the receiver),

(c) any administrator, liquidator or provisional liquidator of the corporation,

(d) any administrator of a deed of company arrangement executed by the corporation,

(e) if there is no person of the kind mentioned in paragraph (c) or (d):

(i) each of the 5 largest (measured by amount of debt) unsecured creditors of the corporation, and

(ii) each member of the corporation whose shareholding represents at least 10 per cent of the issued capital of the corporation.

(3) Within 21 days after the last service of the documents mentioned in subrule (2), any creditor or contributory, or any person mentioned in paragraph (2) (c), (d) or (e), may give to the receiver a notice of objection to the remuneration claimed, stating the grounds of objection.

(4) If the receiver does not receive a notice of objection within the period mentioned in subrule (3):