1996 No. 263 BANKRUPTCY REGULATIONS - REG 16.16 "Prescribed amount" - restriction on amount of fee payable

1996 No. 263 BANKRUPTCY REGULATIONS - REG 16.16

16.16. (1) For the purposes of calculating a fee payable under
subregulation 16.14 (3), the applicable "prescribed amount" is not to exceed
the total of:

   (a)  the amount of the debts of the estate or debtor; and

   (b)  the costs of administration of the estate.

(2) In subregulation (1):

"costs of administration" means the proper costs, charges and expenses of the
administration, other than:

   (a)  any realisation charge paid or payable by the trustee (or, where the
        Official Trustee is the trustee of the estate, the Official Trustee)
        under an Act; and

   (b)  any fees paid or payable to the Official Trustee under regulation
        16.07 or to the Official Receiver under this Subdivision;

"debts" means the total of:

   (a)  the taxed costs of the petitioning creditor; and

   (b)  proved debts of the estate or debtor; and

   (c)  interest on those debts if they are interest bearing debts.