SUPREME COURT (CORPORATIONS) RULES 1999 - REG 9.1
Remuneration of receiver (Corporations Act s 425 (1))--Form 16
SUPREME COURT (CORPORATIONS) RULES 1999 - REG 9.1
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.
(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),
(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):
(a) the
receiver may file an affidavit, made after the end of that period, in support
of the originating process, or interlocutory process, seeking the order
stating:
(i) the date, or dates, when the notice and affidavit required to be
served under subrule (2) were served, and
(ii) that the receiver has not
received any notice of objection to the remuneration claimed within the period
mentioned in subrule (3), and
(b) the receiver may endorse the
originating process, or interlocutory process, with a request that the
application be dealt with in the absence of the public and without any
attendance by, or on behalf of, the receiver, and
(c) the application may be
so dealt with.
(5) If the receiver receives a notice of objection within the
period mentioned in subrule (3), the receiver must serve a copy of the
originating process, or interlocutory process, seeking the order on each
creditor or contributory, or other person, who has given a notice of
objection.