SUPREME COURT (CORPORATIONS) RULES 1999 - REG 9.5 Remuneration of special manager (Corporations Act s 484 (2))--Form 16

SUPREME COURT (CORPORATIONS) RULES 1999 - REG 9.5

9.5 Remuneration of special manager (Corporations Act s 484 (2))--Form 16

(1) This rule applies to an application by a special manager of the property or business of a company for an order under subsection 484 (2) of the Corporations Act fixing the special manager's remuneration.

(2) The application must be made by interlocutory process in the winding up proceeding.

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

(a) the liquidator of the company,

(b) each member of any committee of creditors or committee of inspection or, if there is no committee of creditors or committee of inspection, each of the 5 largest (measured by amount of debt) creditors of the company,

(c) 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), the liquidator, or any creditor or contributory, may give to the special manager a notice of objection to the remuneration claimed, stating the grounds of objection.

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

(a) the special manager 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 special manager has not received any notice of objection to the remuneration claimed within the period mentioned in subrule (4), and

(b) the special manager 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 special manager, and

(c) the application may be so dealt with.

(6) If the special manager receives a notice of objection within the period mentioned in subrule (4), the special manager must serve a copy of the interlocutory process seeking the order:

(a) on each creditor or contributory who has given a notice of objection, and

(b) on the liquidator.

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

(a) state the nature of the work performed or likely to be performed by the special manager, and

(b) state the amount of remuneration claimed, and

(c) include a summary of the receipts taken and payments made by the special manager, and

(d) state particulars of any objection of which the special manager has received notice, and

(e) if the special management is continuing--give details of any matters delaying the completion of the special management.