Remuneration of trustee

(1) Where the creditors appoint any person to be trustee of a debtor’s estate, his remuneration (if any) shall be fixed by an ordinary resolution of the creditors or if the creditors so resolve by the committee of inspection, and 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 on the amount distributed in dividend. (2) If one-fourth in number or value of the creditors dissent from the resolution, or the bankrupt satisfies the court that the remuneration is unnecessarily large, the court shall fix the amount of the remuneration. (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. 65 (4) 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 creditors may, with the sanction of the court, approve. (5) A trustee shall not, under any circumstances whatever, make any arrangement for or accept from the bankrupt, or any attorney, auctioneer, or any other person that may be employed about a bankruptcy, any gift, remuneration or pecuniary or consideration or benefit whatever beyond the remuneration fixed by the creditors and payable out of the estate, nor shall he make any arrangement for giving up, or give up, any part of his remuneration, either as receiver, manager or trustee to the bankrupt, or any attorney or other person that may be employed about a bankruptcy.