When there are funds ingathered from the bankruptcy
The costs of administering a bankruptcy, including fees and remunerations of the trustee, will be met from:
- funds accumulated from the sale of the debtors assets; and
- contributions that the debtor has made from their income.
When there are no funds ingathered from the bankrutpcy
When the Accountant in Bankruptcy is the trustee, costs that cannot be met by selling of assets or from contributions will be met from the public purse.
The public purse will not make any payment towards the debts owed to the creditors.
When an insolvency practitioner is the trustee, costs that cannot be met by selling assets or from contributions will be met by the trustee themselves. The insolvency practitioner will consider this before agreeing to act as trustee in the bankruptcy.
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