5G. Fees and charges

5G. Fees and charges

A trustee is entitled to a fee for administering your bankruptcy.

Where the Official Trustee is the trustee of the administration, the fee is set by legislation and is generally based on a percentage of the funds realised*. The fee is not recoverable directly from you unless you are seeking an annulment of the bankruptcy.

Where a registered trustee is the trustee of the administration, the fee is generally based on an hourly rate. Where there are insufficient funds in an administration, a registered trustee can recover a statutory minimum fee* ^.

If you are dissatisfied with the amount of fees charged by your trustee you may request an independent review of the trustee’s remuneration (including fees and disbursements) be undertaken by the Inspector-General in Bankruptcy. The Inspector-General in Bankruptcy will undertake the review provided certain conditions are met. For further information please refer to Inspector-General Practice Direction 16 at (www.itsa.gov.au).

Funds realised by a trustee in an administration are subject to a realisations charge* (a government levy) which is paid by the trustee directly to the government. Any interest earned on funds recovered by the trustee is payable to the government.

*Please see ITSA’s fees and charges on page 22 [ITSA's Fees and Charges] or visit the ITSA website at www.itsa.gov.au.
^ does not apply to bankruptcies that commence on or after 1 December 2010

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