STATUTORY RULES.
1955. No. .
_________
RULE UNDER THE BANKRUPTCY ACT 1924-1954.[*]
I, THE GOVERNOR-GENERAL in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Rule under the Bankruptcy Act 1924-1954.
Dated this fifteenth day of February, 1955.
W. J. Slim
Governor-General.
By His Excellency’s Command,
(Sgd) J. A. Spicer
Attorney-General.
__________
Amendment of the Bankruptcy Rules.[†]
Rule 66 of the Bankruptcy Rules is amended—
Fees and percentages.
(a) by omitting from paragraph (b) of sub-rule (5.) the word “those” and inserting in its stead the word “these”; and
(b) by adding at the end thereof the following sub-rule:—
“(6.) Where—
(a) an official receiver, not being an official receiver remunerated by fees and commission only, succeeds as trustee of an estate an official receiver so remunerated; and
(b) in pursuance of sub-section (8.) of section 133 of the Act, the Court orders the remuneration of the last-mentioned official receiver to be increased,
the amount of the fee payable to the first-mentioned official receiver under item 5 of Table B in the Third Schedule to these Rules is the amount calculated in accordance with that item less the amount of the increase so ordered by the Court.”.
[*] Notified in the Commonwealth Gazette on , 1955.
[†] Statutory Rules 1934, No. 77, as amended by Statutory Rules 1935, Nos. 34 and 122; 1936, No. 101; 1937, No. 111; 1939, No. 41; 1940, No. 212; 1941, Nos. 12 and 55; 1942, No. 6; 1949, No. 100; 1953, Nos. 71, 79 and 101; and 1954, No 131.
_______________
Printed for the Government of the Commonwealth by A. J. Arthur at the Government Printing Office, Canberra.
230.—Price 3d. 9/19.1.1955.
Overview
The Statutory Rules of 1955, specifically Statutory Rule No. 1955.00017, was enacted under the authority of the Governor-General of Australia, acting on the advice of the Federal Executive Council, to amend the Bankruptcy Rules pursuant to the Bankruptcy Act 1924-1954. This rule was designed to address specific procedural gaps in the remuneration of official receivers acting as trustees in bankruptcy cases. The Bankruptcy Act 1924-1954 itself was enacted to provide for the administration of bankruptcy, ensuring a fair and orderly process for the resolution of insolvent estates. The rule introduced adjustments to the fees payable to official receivers, ensuring clarity and consistency in their remuneration when successions in trusteeship occur and when court-ordered increases are applied.
Scope and Application
This statutory rule pertains to the amendment of the Bankruptcy Rules under the Bankruptcy Act 1924-1954, applying to the official receivers of bankruptcy estates in Australia. The rule specifically addresses the fees and percentages related to the remuneration of official receivers, particularly when one official receiver succeeds another. It outlines the calculation of fees payable in cases where an official receiver not remunerated by fees and commission only succeeds another official receiver who is remunerated in such a manner and where the court orders an increase in remuneration. The rule applies on a Commonwealth level, impacting all official receivers within Australia who are involved in bankruptcy proceedings and subject to the Bankruptcy Act. There are no stated exclusions or exemptions within this rule, and its application is not extended or restricted through subordinate instruments. The amendment seeks to clarify and adjust the fee structure to reflect court-ordered changes in remuneration, ensuring that the official receivers are compensated accurately based on their roles and any adjustments made by the court.
Key Provisions
The statutory rule, which is an amendment to the Bankruptcy Rules under the Bankruptcy Act 1924-1954, makes specific changes to the fees and percentages outlined in Rule 66 (paragraph 5). Firstly, the word "those" is omitted and replaced with "these" in paragraph (b) of sub-rule (5). Additionally, a new sub-rule (6) is introduced, which addresses the remuneration of an official receiver who succeeds another official receiver. The new sub-rule (6) states that if an official receiver, not remunerated by fees and commission only, succeeds another official receiver who is remunerated by fees and commission only, and the court orders an increase in the remuneration of the latter official receiver in accordance with section 133(8) of the Act, the amount of the fee payable to the first-mentioned official receiver will be the amount calculated in accordance with item 5 of Table B in the Third Schedule to these Rules, less the amount of the increase so ordered by the court.
The amendment to Rule 66 imposes certain obligations on the parties involved in the administration of a bankrupt's estate. The official receivers, who are responsible for managing the estate of the bankrupt, must adhere to the new fee structure as outlined in the amended rule. Specifically, when an official receiver who is not remunerated by fees and commission only succeeds another official receiver who is remunerated by fees and commission only, and the court orders an increase in the remuneration of the latter, the first-mentioned official receiver's fee must be adjusted accordingly. This adjustment ensures that the remuneration paid to the official receivers is fair and in line with the court's decision.
There are no explicit offences, penalties, or civil/criminal consequences mentioned in the statutory rule itself. However, it is important to note that the Bankruptcy Act 1924-1954, under which this rule operates, may impose penalties for non-compliance with its provisions. The specific penalties would depend on the nature and severity of the breach, and could include fines or imprisonment. It is advisable for parties involved in the administration of a bankrupt's estate to consult the relevant sections of the Bankruptcy Act 1924-1954 to understand the potential consequences of non-compliance with the rule.