Section 13Part 3 — Trustee in Bankruptcy
Power to appoint agents, etc.
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The Trustee may, on such terms as to remuneration and otherwise as may be prescribed, and with the approval of the Court, appoint a proper person to act as the Trustee’s agent in respect of any estate vested in or administered by the Trustee under this Act, or in respect of any part of the business thereof.
No change of the Trustee shall affect any estate or trust vested in or administered by the Trustee, but such estates and trusts shall vest in or be administered by the succeeding Trustee, who shall hold the same position with regard to such estates and trusts as the former Trustee held.
No proceedings pending on a change of the person holding the office of Trustee shall be affected by such change, but may be continued by and against the succeeding Trustee without suggestion, revival or other similar proceeding.
The Trustee shall be entitled to a commission of five per cent on all dividends of any estate or trust paid by the Trustee in the administration of a bankrupt’s estate under an absolute order for bankruptcy under this Act, and a commission of five per cent on all dividends of any estate or trust paid by the Trustee (or sanctioned by the Court) in the administration of a debtor’s estate under a deed of arrangement under this Act.
Such remuneration shall be for the time and responsibility of the Trustee in the general administration of the estate or trust, and the estate or trust shall not be subject to any other charge in respect thereof, but any expenses in respect of any other matters, including travelling expenses relating to any estate or trust, may be charged against the estate or trust in such manner and to such extent as may be prescribed or specially sanctioned or allowed by the Court.
The word “dividends”, as used in subsection (4), which provides that the Trustee shall be entitled to a commission on all dividends of any estate or trust paid by the Trustee, shall be deemed to include and to have included all sums of money paid by the Trustee out of the net amount realised of any such estate or trust in satisfaction in whole or in part of any debt or liability of the bankrupt or debtor — Provided that nothing herein contained shall entitle the Trustee to recover from any creditor of any such bankrupt or debtor any sum of money which the Trustee has paid to that creditor and which, under this Act the Trustee would have been entitled to retain.
The Trustee shall be entitled to recover, as a first charge on every estate or trust or the proceeds thereof, all auctioneer’s fees and charges and other similar expenses (the same having been duly taxed by the Clerk of the Court) paid by the Trustee in and about the realisation of any estate under this Act.
The Trustee’s office is in Grand Cayman.
Defined Terms
dividends