As detailed in this submission, we support many of the amendments to the framework for trustee remuneration proposed by the paper. However, we are concerned that the tenor of the paper is primarily designed to ensure certainty for registered trustees rather than balance the interests of all involved – registered trustees, creditors and debtors. While registered trustees do deserve fair remuneration for their services, in practice, debtors’ interests are often being sidelined in favour of trustees or creditors. We believe that amendments are required to both bankruptcy regulations and their enforcement, to ensure the weakest participants in the system – debtors and bankrupts – are not taken advantage of.
To read our submission, click here: Review of trustee remuneration.