External administrator - maximum default amount of remuneration

(Section 60-15 of Schedule 2 to the Corporations Act 2001)

An external administrator of a company (other than a provisional liquidator or a liquidator appointed by ASIC under section 489EC of the Corporations Act 2001) who is appointed on or after 1 September 2017 is entitled to the following maximum default amount of remuneration set out in the Table below if remuneration is not determined by:

  1. For external administrations other than a members’ voluntary winding up:
    1. by resolution of the creditors; or
    2. if there is a committee of inspection and a determination is not made under paragraph (a) – by the committee of inspection; or
    3. if a determination is not made under paragraph (a) or (b) – by the Court
  2. In a members’ voluntary winding up:
    1. by resolution of the company at a general meeting: or
    2. if a determination is not made under paragraph (a) – by the Court.

Appointment date

Maximum default amount (exclusive of GST)

1 July 2021 - 30 June 2022

$5,448

1 July 2020 - 30 June 2021

$5,388

1 July 2019 - 30 June 2020

$5,272

1 July 2018 - 30 June 2019

$5,203

1 September 2017 - 30 June 2018

$5,106

Note: The Old Act (as defined in section 1551 of the Corporations Act 2001) applies in relation to the remuneration of an external administrator of a company who is appointed before 1 September 2017.

What's new

Insolvency reforms commence on 1 January 2021

Reforms to corporate insolvency laws commence on 1 January 2021 for companies with liabilities less than $1 million.  These reforms include:

-a new debt restructuring process for incorporated businesses

-a new, simplified liquidation pathway for small businesses, and

-a new class of registered liquidator who can only undertake the debt restructuring process.

Corporations Amendment (Corporate Insolvency Reforms) Act 2020

Corporations Amendment (Corporate Insolvency Reforms) Regulations 2020

Insolvency Practice Rules (Corporations) Amendment (Corporate Insolvency Reforms) Rules 2020

 

Industry funding

The Government has introduced new laws that change the way ASIC is funded. Regulated entities will receive an invoice for ASIC’s regulatory services delivered in the prior year. Find out what this means for registered liquidators.

 

Quicklinks

Insolvency Law Reform Act 2016

Releases on insolvency

Liquidator registration applications

Registered liquidator disciplinary decisions

Insolvency statistics

AFSA - ARITA - ASIC joint liaison meetings

 

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Published notices

View insolvency and deregistration notices on the published notices website.

Last updated: 01/07/2021 01:39