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596.   Remuneration of trustee

Revised Laws of Saint Lucia (2021)

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CHAPTER 2
REMUNERATION

596.   Remuneration of trustee

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    (1)   When the creditors appoint any person to be trustee of a debtor's estate, his or her remuneration (if any) shall be fixed by an ordinary resolution of the creditors.

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    (2)   If ¼ in number in value of the creditors dissent from the resolution, or the bankrupt satisfies the Court that the remuneration, having regard to the amount realised by the trustee, after deducting any sums paid to secured creditors out of the proceeds of their securities, and to the amount distributed in dividend, is unnecessarily large, the Court shall fix the amount of the remuneration.

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    (3)   The resolution shall express what expenses the remuneration is to cover, and no liability shall attach to the bankrupt's estate, or to the creditors, in respect of any expenses which the remuneration is expressed to cover.

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    (4)   Where a trustee acts without remuneration he or she shall be allowed out of the bankrupt's estate such proper costs and expenses incurred by him or her in or about the proceedings of the bankruptcy as the Court may think proper.

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    (5)   A trustee shall not, under any circumstances whatever, make any arrangement for or accept from the bankrupt, or any attorney-at-law, auctioneer, or any other person, who may be employed about a bankruptcy, any gift, remuneration, or pecuniary or other consideration or benefit whatever, beyond the remuneration fixed by the creditors and payable out of the estate, nor shall he or she make any arrangement for giving up, or give up, any part of his or her remuneration, either as receiver, manager, or trustee, to the bankrupt or any attorney-at-law or other person who may be employed about a bankruptcy.

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