SUPREME COURT (CORPORATIONS) RULES 1999 - REG 9.4 Determination by Court of liquidator's remuneration (Corporations Act s 473 (3) (b) (ii))

SUPREME COURT (CORPORATIONS) RULES 1999 - REG 9.4

9.4 Determination by Court of liquidator's remuneration (Corporations Act s 473 (3) (b) (ii))

(1) This rule applies to an application by a liquidator of a company for an order under subparagraph 473 (3) (b) (ii) of the Corporations Act determining the liquidator's remuneration.

Note : The amendment to section 473 of the Corporations Act made by the Corporations Amendment (Insolvency) Act 2007 of the Commonwealth applies in relation to a liquidator appointed on or after 31 December 2007--see Corporations Act s 1480 (7).

(2) The application:

(a) must be made by interlocutory process in the winding up proceeding, and

(b) must not be made until after the date of the meeting of creditors mentioned in subsection 473 (4) of the Corporations Act.

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

(a) each creditor who was present, in person or by proxy, at any meeting of creditors at which the remuneration of the liquidator was considered,

(b) each member of any committee of inspection,

(c) if there is no committee of inspection, and no meeting of creditors has been convened and held--each of the 5 largest (measured by amount of debt) creditors of the company,

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

(4) Within 21 days after the last service of the documents mentioned in subrule (3), any creditor or contributory may give to the liquidator a notice of objection to the remuneration claimed, stating the grounds of objection.

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

(a) the liquidator may file an affidavit, made after the end of that period, in support of the interlocutory process seeking the order stating:

(i) the date, or dates, when the notice and affidavit required to be served under subrule (3) were served, and

(ii) that the liquidator has not received any notice of objection to the remuneration claimed within the period mentioned in subrule (4), and

(b) the liquidator may endorse the 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 liquidator, and

(c) the application may be so dealt with.

(6) If the liquidator receives a notice of objection within the period mentioned in subrule (4), the liquidator must serve a copy of the interlocutory process seeking the order on each creditor or contributory who has given a notice of objection.

(7) An affidavit in support of the interlocutory process seeking the order must:

(a) include evidence of the matters mentioned in subsection 473 (10) of the Corporations Act, and

(b) state the nature of the work performed or likely to be performed by the liquidator, and

(c) state the amount of remuneration claimed, and

(d) include a summary of the receipts taken and payments made by the liquidator, and

(e) state particulars of any objection of which the liquidator has received notice, and

(f) if the winding up is continuing--give details of any matters delaying the completion of the winding up.