Glossary of Terms
Bankruptcy / Proposal / Financial Glossary |
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| Remuneration of Trustee | In estates under summary administration and in consumer proposals the trustee's, or administrators, fees and expenses are set by the Bankruptcy and Insolvency Rules. In all other cases, the remuneration of the trustee falls under the provisions of section 39 of the Act. Subsection 39(1) states that the remuneration of the trustee shall be such as is voted to the trustee by ordinary resolution at any meeting of creditors. Where the remuneration is not fixed pursuant to subsection 39(1), subsection 39(2) states that the remuneration shall not exceed seven and one-half per cent of the amount remaining out of the realization of the property of the debtor after the claims of the secured creditors have been paid or satisfied. Subsection 39(5) empowers the court to increase or reduce the remuneration. |
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