Law library · Sierra Leone · The Bankruptcy Act, 2009
Section 83, The Bankruptcy Act, 2009
Status not yet checkedThe Bankruptcy Act, 2009, Sierra Leone
(1) Where the creditors appoint any person to be trusteeof a debtor’s estate, his remuneration (if any) shall be in the nature of
a commission or percentage, of which one part shall be payable on
the amount realised by the trustee, after deducting any sums paid to
secured creditors out of the proceeds of their securities, and the
other part of the amount distributed in dividend; and such percentage
shall be as the court may approve.
(2) The remuneration shall cover all expenses except
actual out-of-pocket expenses properly incurred and no liability shall
attach to the bankrupt’s estate or to the creditors in respect of any
other expenses.
(3) Where a trustee acts without remuneration, he shall
be allowed out of the bankrupt’s estate such proper expenses incurred
by him in or about the proceedings of the bankruptcy as the court
may approve.
(4) A trustee shall not, under any circumstances make
any arrangement for or accept from the bankrupt or any legal
practitioner, auctioneer or any other person who may be employed
about a bankruptcy, any gift, remuneration or pecuniary or other
consideration or benefit beyond his remuneration payable out of the
estate, nor shall he make any arrangement for giving up, or give up,
any part of his remuneration, whether as receiver, manager or trustee,
to the bankrupt or any legal practitioner or other person who may be
employed about a bankruptcy.
Read the whole lawDownload PDFAsk Tima what this means
Check the current official version before relying on this text. MiLAWYER shares legal information, not legal advice.