Inspector-General Practice Direction 18

Subtitle: 
Inspector-General Practice Direction (IGPD) 18 - Trustee remuneration notifications
Date of Publication: 
September 2016

1. Acknowledgements

1.1 Sections of this Inspector-General Practice Direction have been written with reference to the guidance given in the Australian Restructuring Insolvency & Turnaround Association (ARITA) Code of Professional Practice.

Please note the ARITA updates their Code from time to time. The most recent version may be accessed from their website at www.arita.com.au.

2. Introduction

2.1 The purpose of this Inspector-General Practice Direction (IGPD) is to outline the position of the Inspector-General in Bankruptcy, in regard to the notices a registered trustee in bankruptcy is required to send to the bankrupt/debtor and creditors in relation to his or her remuneration in the course of administering a bankrupt or Part X estate.

2.2 Inspector-General Practice Statement 16 explains the process by which the Inspector-General may review a registered trustee’s claim for remuneration (on application by a creditor or bankrupt/debtor), or the costs of a third party that provides services in the administration of the estate (on application by a trustee). These review processes replace the taxation process for bankruptcies that commence, or controlling trustee authorities and personal insolvency agreements that are executed, on or after 1 December 2010.

2.3 Consistent with the taxation process, a review by the Inspector-General of a registered trustee’s claim for remuneration will encompass both the trustee’s professional fees and certain disbursements.

2.4 The ARITA’s Code of Professional Practice distinguishes between professional and non-professional disbursements. The former category include fees charged by lawyers, accountants, auctioneers, valuers and similar professionals retained as external advisers by a trustee. Non-professional disbursements include both external (such as travel, accommodation and advertising) and internal (such as telephone calls, postage, stationery and photocopying) costs incurred during an administration.

2.5 In terms of the Inspector-General review process, a review of a registered trustee’s claim for remuneration will include the Non-professional disbursements referred to in the ARITA Code, whereas a review of the costs of a third party service provider will generally relate to the Professional disbursements referred to in the ARITA Code.

2.6 This practice direction does not relate to the Official Trustee whose entitlement to remuneration is set out in the Bankruptcy Act and detailed in AFSA's fees and charges published on the AFSA website.

2.7 This practice direction has application to all bankruptcies that commence and Part X section 188 authorities and personal insolvency agreements that are executed on or after 1 December 2010. However, controlling trustees and trustees of personal insolvency agreements (PIAs) who were the controlling trustee for the debtor who executed the PIA are not required to provide an initial remuneration notice or remuneration approval notice, as existing notice requirements in Bankruptcy Regulation 10.04 apply (see further below).

2.8 It is recommended that this practice direction be read in conjunction with Inspector-General Practice Direction 6 and Inspector-General Practice Statement 15 and Inspector-General Practice Statement 16—which are also closely related to trustee remuneration.

3. Types of trustee remuneration notices

3.1 Pursuant to subsection 162(6A) of the Act and the Bankruptcy Regulations, registered trustees may be required to issue to the bankrupt and the creditors, three different types of notices relating to their remuneration depending on the stage and progress of an estate. The different notices required by the Regulations are:

  1. Initial remuneration notice (see paragraphs 3.2 to 3.12)
  2. Remuneration approval notice (see paragraphs 3.14 to 3.26)
  3. Remuneration claim notice (see paragraphs 3.27 to 3.38).

Initial remuneration notice (IRN) - Regulation 8.12A

3.2 A recommended IRN precedent for Registered Trustees to use is attached to this IGPD as Appendix 1.

Contents of the IRN

3.3 The IRN must contain the following information:

  1. a brief explanation of the types of methods that may be used to calculate remuneration
  2. the method chosen by the trustee and why it is appropriate
  3. details of the rate of remuneration
  4. an estimate of the expected amount of the trustee’s remuneration.

3.4 With reference to paragraph 3.3 (ii) above, if the trustee chooses the time-cost basis method the notice must include details about the respective rates at which the remuneration of the trustee and the other persons who will be assisting, or will be likely to assist, the trustee in the performance of his or her duties are to be calculated.

3.5 When choosing the most appropriate remuneration method and advising creditors of why that method was chosen, it is expected that Registered Trustees will consider factors such as cost effectiveness, efficiency and the level of debt and/or expected realisations in the estate.

3.6 Registered trustees are also expected to indicate in the IRN that, if the total remuneration they expect to claim is less than the Statutory Minimum under section 161B of the Act ($5 000), creditor approval will not be required. In the case of joint and separate estates, this means that claims of less than $5,000 in each separate estate and less than $5,000 in the joint estate may be taken without creditor approval.

3.7 Controlling trustees appointed under Part X of the Bankruptcy Act are not required to give an IRN, on the basis that they have an obligation under Bankruptcy Regulation 10.04(d) to provide information of a similar nature to that contained in the IRN.

When to send the IRN

3.8 A registered trustee is required to send an IRN to the bankrupt and creditors within 28 days after the day the trustee receives the bankrupt’s statement of affairs. If the trustee does not receive the bankrupt’s statement of affairs within 60 days after the date of bankruptcy, then the IRN must be sent within 7 days after the end of the 60 day period1. In the case of the trustee of a PIA, where that trustee was not also the controlling trustee in respect of the debtor executing the PIA, the IRN must be sent within 28 days after the PIA is executed.

3.9 It is mandatory to provide the IRN to the bankrupt and creditors in every estate. It does not matter if the estate has no funds or that the registered trustee does not intend having creditors approve their remuneration.

3.10 It is not necessary for the incoming trustee to send an IRN when there has been a change of trustee. However, where the incoming trustee seeks to have his/her remuneration calculated in a manner that differs substantially from the outgoing trustee, the incoming trustee should consider whether a notice along the lines of the IRN should nevertheless be sent to creditors and the bankrupt2.

3.11 There is no prescribed or approved form for this notice. Registered trustees are expected to take guidance from the recommended precedent attached as Appendix 1. This has been modelled on information in the ARITA Code.

What can affected parties do if dissatisfied with the IRN?

3.12 If the bankrupt (or debtor in a PIA) or creditors are dissatisfied with the content of the IRN they should first endeavour to resolve their concerns directly with the trustee. If this does not result in a satisfactory outcome then they have the right to:

  1. Complain to AFSA Regulation and Enforcement pursuant to Inspector-General Practice Statement 10;
  2. Seek a change of trustee by asking the trustee to convene a meeting pursuant to section 64.

1 This is in line with the current notification requirements pursuant to regulation 4.14.
2 Both the incoming and outgoing trustees are required to comply with subsection 164(1) of the Act regarding the division of their remuneration.

Remuneration approval notice (RAN) - Regulation 8.12B

3.14 A recommended RAN precedent for registered trustees to use is attached to this IGPD as Appendix 2.

Contents of the RAN

3.15 If a registered trustee proposes to have his or her remuneration 'fixed' (i.e. approved) by creditors or the committee of inspection, the trustee must give the creditors or committee a RAN that includes the following information:

  1. A description of the work, including the details of particular tasks that the trustee or the person assisting the trustee has undertaken
  2. A description of the work that the trustee will, or is likely to, undertake
  3. The number of hours to be charged by the trustee and each person assisting the trustee
  4. The hourly rate charged by the trustee and each person assisting the trustee
  5. The proposed total amount of remuneration for the work in the estate
  6. A statement that the costs incurred or to be incurred are necessary and reasonable having regard to the value and complexity of the estate
  7. A report on work that has been completed, that is in progress and that is yet to be undertaken.

3.16 For guidance on what constitutes 'necessary and reasonable' for the purposes of paragraph 3.15 (vi) above, trustees are referred to Performance Standard 2.13 of Division 2.4 of Schedule 4A to the Bankruptcy Regulations, which states:

Remuneration and costs

2.13 Costs incurred to be necessary and reasonable:


In conducting an administration, the trustee must:
(a) incur only those costs that are necessary and reasonable; and

(b) before deciding whether it is appropriate to incur a cost, compare the amount of the cost likely to be incurred with the value and complexity of the administration.

3.17 In essence there has to be a clear and undisputed nexus between the work performed by the trustee, the trustee’s statutory duties and obligations and the outcomes creditors are seeking.

3.18 Further guidance with respect to 'necessary and reasonable' is provided in Inspector-General Practice Direction 6, Inspector-General Practice Statement 16 and the ARITA Code.

3.19 Controlling trustees appointed under Part X of the Act are not required to send a RAN, as they have an obligation under Bankruptcy Regulation 10.04(e) to provide information of a similar nature to that contained in the RAN.3

When to send the RAN

3.20 If the trustee proposes to have his or her remuneration fixed at a meeting of creditors the RAN must be sent at the same time as the notice to creditors advising of the date and time of the meeting.

3.21 It is acceptable for trustees to send the IRN and RAN at the same time provided it is sent to the bankrupt/debtor and creditors within the time-frames stipulated in paragraph 3.8 above.

3.22 Provided the time frame is met, it is also acceptable that the IRN and RAN be sent as part of an initial report to creditors and a remuneration approval request pursuant to section 64ZBA of the Act.

3.23 A trustee is required to send a separate notice of resolutions for meetings of creditors (or pursuant to section 64ZBA of the Act) and RAN due to the different voting rights which apply to creditors of joint and separate estates and the effect of section 110 of the Act on the distribution of asset realisations 4.

3.24 There is no prescribed or approved form for this notice. Registered trustees are expected to take guidance from the recommended precedent attached as Appendix 2. This has, in part, been modelled on information in the ARITA Code.

What can affected parties do if dissatisfied with the RAN?

3.25 If the creditors or committee of inspection are dissatisfied with the content of the RAN they should firstly endeavour to resolve their concerns directly with the trustee. If this results in an unsatisfactory outcome then they have the right to:

  1. Either abstain or vote against the resolution for approval of the trustee’s remuneration
  2. Complain to AFSA Regulation and Enforcement, see Inspector-General Practice Statement 10 ; and/or
  3. Seek a change of trustee by asking the trustee to convene a meeting pursuant to section 64.

3.26 Note that if the resolution for trustee’s remuneration is not approved the trustee may seek Inspector-General approval. For further details on this process see Inspector-General Practice Statement 15 on AFSA's website.

3 However, both the incoming and outgoing trustees are required to comply with subsection 164(1) of the Act regarding the division of their remuneration where either the controlling trustee or PIA trustee are replaced during the respective administrations.
4 See also paragraphs 4.1 to 4.2 below under joint and separate estates.

Remuneration claim notice (RCN) - Regulation 8.12C

3.27 A recommended RCN precedent for registered trustees to use is attached to this IGPD as Appendix 3.

Contents of the RCN

3.28 The RCN must include the following information:

  1. The total amount of remuneration claimed
  2. Details of the work performed for which the remuneration is claimed
  3. The names of the persons who performed the work
  4. The number of hours charged by each person for the work
  5. The hourly rate charged by each person for the work
  6. An explanation of any variation from the amounts set out in the RAN in relation to the remuneration claimed, the number of hours charged, the hourly rate charged and the persons performing the work; and
  7. A statement advising the bankrupt and the creditors that they may, within 28 days after receiving the notice, request the Inspector-General to review the amount of remuneration claimed by the trustee.

3.29 For the purposes of paragraph 3.28(a) above, 'claimed' refers to the right and ability to draw now or at a future date. In practice, it will be more than likely that an estate has to have funds in it as a precursor to sending an RCN. One of the primary purposes of sending an RCN is to inform the bankrupt and creditors of their right of review should they be dissatisfied with a registered trustee’s claim for remuneration. This dissatisfaction will only have a material effect and be capable of a practical outcome if the trustee has realised sufficient funds to pay him or herself the remuneration in dispute. However, it will be open to trustees to send the RCN before there are actually funds in the estate to satisfy the remuneration claim, so long as the work for which they are claiming has been undertaken. There is no judicial or legislative authority prescribing when a trustee must pay him or herself remuneration that has been approved and reasonably and necessarily incurred.

3.30 In respect of paragraph 3.28(f) above it is important that any variation in the amount taken in fees from the amount originally approved by creditors in the RAN is clearly explained to the satisfaction of the bankrupt and creditors. In other words a trustee has an obligation to explain what they took in fees is inconsistent or different with the prior approval granted. It is only variations that affect the amounts set out in the RAN that need to be explained. For example, a variation that need not be explained in the RCN is where an employee of the trustee is replaced by another employee at the same classification and his/her services are charged out at the same hourly rate.

3.31 It is expected that each RCN is accompanied by either a Form 2 - Trustee’s Accounts of Receipts and Payments or receipts and payments summary in the estate so the bankrupt and creditors can compare the value of receipts that have been taken in fees and other items. If the bankrupt or a creditor is seeking to gain further information about the trustee’s remuneration it is our expectation that trustees will promptly send to them a detailed work in progress (WIP) and certainly no later than five working days of the request being made. A WIP is a detailed schedule of the time spent and work performed by the trustee and his or her staff in the administration of the estate.

3.32 The RCN should refer back to the relevant RAN and clearly state the total remuneration previously determined.

3.33 In respect of paragraph 3.28(g) above, guidance on how to request the Inspector-General to review the trustee’s remuneration is provided in Inspector-General Practice Statement 16.

When to send the RCN

3.34 A trustee must send the RCN to the bankrupt and the creditors within 14 days upon any of the following events occurring:

  1. When the remuneration claimed reaches the amount approved pursuant to the RAN for the relevant time period; or
  2. Where the remuneration has not reached the approved amount:
    1. at the time the trustee declares a final dividend; or
    2. at the time the administration of the estate is finalised and the trustee determines that no final dividend will be declared; or
  3. When the trustee claims the statutory minimum or less under section 161B.

3.35 With respect to paragraph 3.34(b)(ii) above, 'at the time the administration of the estate is finalised' has a meaning consistent with subsection 145(1) of the Act. That is, the trustee has realised all property of the bankrupt or debtor, or so much of it as can, in his or her opinion, be realised without needlessly protracting the trusteeship. In the course of trustee inspections, dealing with complaints and Inspector-General Remuneration review requests, AFSA Regulation and Enforcement will monitor this requirement to ensure the RCN is sent as soon as practical.

3.36 Where it is determined that a trustee has needlessly drawn out the finalisation of an estate by neither actioning appropriate tasks in a timely manner or not determining that a dividend will be declared when in a position to do so, AFSA Regulation and Enforcement will require an explanation from the trustee. Depending on the response from the trustee, AFSA Regulation and Enforcement may take disciplinary action against the trustee as deemed appropriate on a case by case basis and in accordance with Inspector-General Practice Statement 8 paragraph 3.3.

3.37 There is no prescribed or approved form for this notice. Registered trustees are expected to take guidance from the recommended precedent attached as Appendix 3. This has been modelled on information in the ARITA Code.

What can affected parties do if dissatisfied with the RCN?

3.38 If the bankrupt (or debtor under a section 188 authority or PIA) or creditors are dissatisfied with the trustee’s remuneration claim contained in the RCN they have the right to request the Inspector-General to undertake a review of the trustee’s claim (refer paragraph 3.28(g) above). Note that specific requirements must be met prior to the Inspector-General accepting a request for remuneration review. These are detailed in Inspector-General Practice Statement 16.

4. Joint and separate estates

4.1 The trustee’s obligation to send remuneration notifications is estate based. That is, in circumstances where joint and separate estates exist under one estate number, and a trustee is seeking remuneration in one or more of the estates, the three different types of notices (i.e. IRN, RAN and RCN) need to be sent for each estate pursuant to subsection 162(6A) of the Act.

4.2 To overcome duplication of work it is acceptable for a trustee to send a joint report to creditors with the estate based remuneration notices being dealt with separately and attached to the joint report.

5. When remuneration claimed is less than $5,000

5.1 As noted in paragraph 3.6 above, pursuant to section 161B creditor approval is not required for total remuneration claims less than the statutory minimum amount of $5,000. This applies to bankruptcies, PIAs and section 188 authorities executed on or after 1 December 2010. The statutory amount is not subject to indexation and is effectively exclusive of GST.

5.2 Pursuant to subsection 161B(1A) the statutory minimum amount is increased by 8.4 per cent if the trustee’s remuneration is consideration for a taxable supply.

5.3 It should be noted that if a registered trustee is seeking to claim above the statutory minimum (for example, $6,000) in fees the entire amount claimed must be approved and not just the amount in excess of the statutory minimum.

6. Summary of all remuneration notification requirements for trustees

6.1 A summary of the notification requirements for trustees is shown in the table below.

Notice

Who to send to?

When to send?

What practitioner applies to?

Initial remuneration notice (IRN)

Bankrupt and creditors

Bankruptcy - within 28
days after the day the RT receives the statement of affairs (SOA), If no SOA received within 60 days then within 7 days after the end of that 60 days period

 

PIA – within 28 days after the day the PIA is executed (but note registered trustee IRN not required if PIA trustee was also controlling trustee for the debtor who executed the PIA)

Registered trustee

Remuneration approval notice (RAN)

Creditors or
Committee of Inspection

At discretion of the trustee ie at the same time as seeking approval (but note RAN not required if PIA trustee was also controlling trustee for the debtor who executed the PIA)

Registered trustee

Remuneration claim notice (RCN)

Bankrupt and creditors

Within 14 days of occurrence of events in paragraph 37 above.

Registered trustee
and controlling trustee

7. Conclusion

7.1 This IGPD outlines the Inspector-General’s position with respect to the obligations on registered trustees to issue notifications in regard to remuneration. It will be against the principles outlined in this IGPD, the Act and the Regulations (including the Performance Standards contained in Schedule 4A of the Regulations) that a trustee’s conduct of an administration will be assessed by AFSA Regulation and Enforcement.

7.2 When there are other specific issues where clarification is required, following consultation with the ARITA, the Inspector-General will continue to develop policy and practice statements to assist practitioners.

Appendix 1 - Initial remuneration notice

<Bankrupt/Part X> estate of: <enter name> Estate Number: <enter number>

 

Initial Remuneration Notice

Section 162
Regulation 8.12A

Remuneration Methods

As trustee/s of the above named <bankrupt estate/Part X estate>, I/we, <Registered Trustee/s name/s>, advise pursuant to section 162 of the Bankruptcy Act that there are different methods that may be used to calculate a trustee’s remuneration. <give brief explanation of various methods>

Remuneration Method chosen

Given the nature of this estate I/we propose that my/our remuneration be calculated <insert remuneration method>. I/we believe this method to be appropriate because <state reason for method chosen.>

Explanation of method chosen
<Time based / Hourly rates>

The rates for <my/our> remuneration calculation are set out in the following table together with a general guide showing the qualifications and experience of staff engaged in the administration and the role they take in the administration.

Title ^

Description #

Hourly rate (incl GST)

Registered Trustee

 

 

Director / Consultant

 

 

Senior Manager

 

 

Manager 1

 

 

Manager 2

 

 

Supervisor

 

 

Senior 1

 

 

Senior 2

 

 

Intermediate 1

 

 

Intermediate 2

 

 

Secretary

 

 

Clerk

 

 

Junior

 

 

^ This list is a guide only - Registered Trustees should use titles appropriate to their practice.

# Information that should be contained in the description column includes years of experience, qualifications, education, staff supervised.

<Fixed Fee>

If charging on a fixed fee basis, a fixed amount quote for the cost of the administration, details of what services are included as part of the fixed fee and the basis upon which the balance of services will be charged should be set out. If it is intended that some services will be provided on a different basis, each basis should be clearly explained as it relates to each particular service.

<Commission>

If using a percentage of realisations method, the percentage to be applied, clearly documenting what the percentage is to be applied to, when the remuneration will be paid and the expected range of remuneration outcomes.

Estimate of Total Remuneration

I/we expect to claim a total amount of remuneration of approximately <$> in the administration of this estate.

What can you do if you are dissatisfied with the contents of this notice?

Contact <trustee employee contact name and contact details> to discuss why you are dissatisfied with the contents of this notice. If you remain dissatisfied you may complain to AFSA Regulation and Enforcement or seek a change of trustee.

Date: <for bankruptcy trustees - within 28 days after the day the RT receives the statement of affairs (SOA), If no SOA received within 60 days then within 7 days after the end of that 60 days period.>

For PIA trustee (who was not also controlling trustee) - within 28 days after the PIA is executed.

Signed: <Registered Trustee/s signature/s>

Appendix 2 - Remuneration approval notice (RAN)

<Bankrupt/Part X> estate of: <enter name> Estate Number: <enter number>

Remuneration Approval Notice

Section 162
Regulation 8.12B

As trustee/s of the abovenamed <bankrupt/Part X estate>, <I/we>, <Registered Trustee/s name/s>, propose to have <my/our> remuneration fixed by creditors or the committee of inspection.

This approval is sought for work undertaken or to be undertaken from <enter period of time from and to.>

Calculation of remuneration

Employee Name

Title

$ rate per hour (excl GST)

Total Hours

Total $

J. Smith

Registered Trustee

 

 

 

T. Brown

Manager 1

 

 

 

Etc ..

 

 

 

 

TOTAL

 

 

 

 

GST

 

 

 

 

Total incl GST

 

 

 

 

Average hourly rate

 

 

 

 

Note the detail in the table above is shown as an example only.

Further guidance may be taken from reference to the ARITA code.

Description of work completed

Area of work

Specific tasks

Income assessments

x hours

$

  • Perform income assessment of bankrupt based on information in statement of affairs
  • Review and reissue income assessment based on updated wage and tax return details supplied by the bankrupt
  • Follow up arrears in income contributions
  • Prepare and issue section 139ZQ notice

Objections to discharge

x hours

$

  • Prepare grounds, evidence and reasons for objection to discharge
  • Discuss objection with trustee and have objection signed and sent to bankrupt

<Note the detail in the table above is shown as an example only. Further guidance may be taken from reference to the ARITA Code.>

I/we declare that the costs incurred, or to be incurred, are necessary and reasonable having regard to the value and complexity of the administration.

What can you do if you are dissatisfied with the contents of this notice?

Contact <trustee employee contact name and contact details> to discuss why you are dissatisfied with the contents of this notice. If you remain dissatisfied you may either abstain or vote against the resolution/proposal for approval of trustee remuneration, complain to AFSA Regulation and Enforcement or seek a change of trustee.

Note that if the resolution/proposal for approval of the trustee’s remuneration is not supported, the trustee may apply to the Inspector-General to decide the remuneration. Further details on this process are contained in the Inspector General Practice Statement 15, available on the website of the Australian Financial Security Authority.

Date: <enter date>

Signed: <Registered Trustee/s signature/s>

Appendix 3 - Remuneration claim notice (RCN)

<Bankrupt/Part X> estate of: <enter name> Estate Number: <enter number>

Remuneration Claim Notice

Section 162
Regulation 8.12C

I/we refer to the Remuneration Approval Notice dated <enter date> which was approved or fixed by <creditors or committee> or <decided by the Inspector-General> on <enter date> in the amount of <$>.

The amount <I/we> have claimed as remuneration in this estate reached the above amount on <enter date>.

or

The amount <I/we> have claimed as remuneration in this estate has not reached the approved amount at the time <I/we> declared a final dividend on <enter date>;

or

The amount <I/we> have claimed as remuneration in this estate has not reached the approved amount at the time the administration of the estate is finalised and <I/we> have determined that no final dividend will be declared

or

<I/we> have claimed as total remuneration the amount of <$> which is below the statutory minimum of $5,000 provided for in section 161B of the Bankruptcy Act. Prior approval from creditors is not required where the total amount of remuneration claimed is below the statutory minimum.

Calculation of remuneration

Employee Name

Title

$ rate per hour (excl GST)

Total Hours

Total $

J. Smith

Registered Trustee

 

 

 

T. Brown

Manager 1

 

 

 

Etc ..

 

 

 

 

TOTAL

 

 

 

 

GST

 

 

 

 

Total incl GST

 

 

 

 

Average hourly rate

 

 

 

 

Note the detail in the table above is shown as an example only. <Further guidance may be taken from reference to the IPA Code>

Description of work completed

Area of work

Specific

Income assessments

x hours

$

  • Perform income assessment of bankrupt based on information in statement of affairs
  • Review and reissue income assessment based on updated wage and tax return details supplied by the bankrupt
  • Follow up arrears in income contributions
  • Prepare and issue section 139ZQ notice

Objections to discharge

x hours

$

  • Prepare grounds, evidence and reasons for objection to discharge
  • Discuss objection with trustee and have objection signed and sent to bankrupt

<Note the detail in the table above is shown as an example only. Further guidance may be taken from reference to the ARITA Code.>

Explanation of variation from Remuneration Approval Notice (if applicable)

The amount claimed has varied from the amounts set out in the Remuneration Approval Notice as follows.

Description

Remuneration Approval Notice

Remuneration Claim Notice

Variation

Reasons for variation

Remuneration claimed

 

 

 

 

Number of hours charged

 

 

 

 

Hourly rate charged

 

 

 

 

Persons performing the work

 

 

 

 

Summary of Remuneration Approvals and Claims to date

Period

Remuneration Approval notice

Remuneration Claim notice

 

 

 

 

 

 

 

 

 

TOTAL:

<enter total>

<enter total>

 

Right of review

Within 28 days after receiving this notice, you may request the Inspector-General to review the amount of remuneration claimed. Requests for review should be marked to the attention of AFSA Regulation and Enforcement and be addressed to <address of relevant AFSA office>

Date: <within 14 days of the amount claimed reaching the approved amount or, where the fixed amount has not been reached, at the time a final dividend is declared or the administration of the estate is finalised (where it is determined that no final dividend will be declared) or where the amount was taken pursuant to section 161B>

Signed: <Registered or Controlling Trustee/s signature/s>

Attachments

  1. Remuneration Approval Notice to which this Remuneration Claim Notice relates.
  2. Summary of receipts and payments in this estate from <enter commencement date> to <enter most current date possible>.