LITMIR.BIZ

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is to be calculated — state that rate; or

      (ii) otherwise — state 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; and

      (b) if the trustee proposes to charge on the basis of a commission upon money received by the trustee — state the rate of that commission; and

      (c) state the periods at which the trustee proposes to withdraw funds from the bankrupt’s estate in respect of the trustee’s remuneration; and

      (d) include an estimate of the total amount of the trustee’s remuneration and an explanation of the likely impact of that remuneration on the dividends (if any) to creditors.

      (3) If, within the time specified in the notice:

      (a) at least 1 creditor votes in writing; and

      (b) no other creditor objects in writing to the proposal being resolved without a meeting of creditors;

      then the following provisions have effect:

      (c) if the proposal requires a special resolution and there is a Yes vote by a majority in number, and at least 75 % in value, of those who voted within the required time — the proposal is taken to have been passed by a special resolution of creditors at a meeting;

      (d) if the proposal does not require a special resolution and there is a Yes vote by a majority in value of those who voted within the required time — the proposal is taken to have been passed by a resolution of creditors at a meeting;

      (e) in any other case — the proposal is taken not to have been passed.

      (4) A certificate signed by the trustee stating any matter relating to a proposal under this section is prima facie evidence of the matter.

      64ZC Appointment of proxies [see Table B]

      (1) An instrument appointing a proxy must set out:

      (a) the full name, and the address of a place of residence or business, of the creditor; and

      (b) the full name, and the address of a place of residence or business, of the person appointed as proxy.

      (2) An instrument appointing a proxy may appoint more than one person as proxy but:

      (a) if the first person named in the instrument as a proxy is participating in person or by telephone in the meeting, only that person may cast the creditor’s vote; and

      (b) any other person named in the instrument as a proxy may cast the creditor’s vote if, and only if, that person is participating in person or by telephone in the meeting and no person named in the instrument as a proxy before the name of that person is participating in person or by telephone in the meeting.

      (3) An instrument appointing a proxy must set out the bankrupt’s name and must state whether the appointment relates to a particular meeting or to all meetings.

      (4) An instrument appointing a proxy may authorise the proxy to cast the creditor’s vote at a meeting to which the proxy relates on all matters arising at the meeting or may authorise the proxy to cast the creditor’s vote at that meeting only on matters specified in the instrument.

      (5) An instrument appointing a proxy may direct the proxy as to the manner in which the proxy is to vote on a particular matter or matters that may arise at the meeting or on a particular motion or motions that may be proposed at the meeting.

      (6) If an instrument appointing a proxy purports to appoint the bankrupt as a proxy, the purported appointment does not have any effect but, if the instrument also appoints another person as a proxy, the appointment of the other person is not affected and the instrument has effect as if the purported appointment of the bankrupt were not included.

      64ZD Provisions relating to motions and amendments of motions

      (1) Subject to the right of the trustee to propose a motion relating to the trustee’s remuneration under subsection 64U(6A), the only persons who may propose motions, or amendments of motions, at a meeting are the creditors and their representatives.

      (2) A motion or amendment does not need to be seconded.

      (3) If a motion is proposed, the person presiding at the meeting must allow a reasonable time for debate on the motion and on any amendment proposed to the motion.

      (4) After a reasonable time for debate has elapsed, the person presiding must:

      (a) if no amendment has been proposed — put the motion to a vote; or

      (b) if an amendment or amendments have been proposed, put the amendment or amendments to a vote; and

      (i) if the amendment or amendments are defeated — put the original motion to a vote; or

      (ii) if an amendment or amendments are passed — put the original motion as amended to a vote.

      (5) If a question arises as to the terms of a motion or amendment that is being put to a vote, the person presiding must read the motion or amendment to the meeting.

      64ZE Joint bankruptcies [see Table B]

      (1) At a meeting of the creditors in a joint bankruptcy, the trustee must explain to the creditors and their representatives the likely effect of section 110 with respect to the distribution of dividends.

      (2) At a meeting of the creditors in a bankruptcy to which section 141 applies, the trustee must explain to the creditors and their representatives the likely effect of section 141 with respect to the distribution of dividends.

      64ZF Substantial compliance to be sufficient

      A meeting, or anything done at a meeting, is not invalid because a requirement of this Subdivision has not been strictly complied with if the requirement has been substantially complied with.

      Division 5A Committee of inspection

      7 °Committee of inspection

      (1) The creditors who are entitled to vote may, at a meeting of the creditors, by resolution appoint a committee of inspection for the purpose of advising and superintending the trustee.

      (2) The committee of inspection shall consist of not more than 5 and not less than 3 persons.

      (3) A person is not eligible for appointment as a member of a committee of inspection unless:

      (a) he or she is a creditor or a person authorized by a creditor to act for the creditor in relation to the bankruptcy; or

      (b) he or she is a person whom a creditor intends to authorize to act for him or her in relation to the bankruptcy.

      (4) A creditor or other person referred to in paragraph (3) (a) is not qualified to act as a member of the committee of inspection until, in the case of a creditor, his or her proof of debt or, in the case of another person, the creditor’s proof of debt, has been admitted and a person referred to in paragraph (3) (b) is not qualified so to act until the creditor has authorized him or her to act for the creditor in relation to the bankruptcy and the creditor’s proof of debt has been admitted.

      (5) Subject to subsection (6), the committee of inspection shall meet at such times as the committee appoints from time to time.

      (6) The trustee or a member of the committee may call a meeting of the committee at any time.

      (7) The committee may act by a majority of its members present at a meeting but, except as provided by the next succeeding section, shall not act unless a majority of its members is present at the meeting.

      71 Vacation of office etc.

      (1) A member of a committee of inspection may resign his or her office by notice in writing signed by him or her and delivered to, or sent by post to, the trustee.

      (2) The office of a member of such a committee becomes vacant if:

      (a)

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