(1) A liquidator appointed by the Court may resign or, on cause shown, be removed by the Court. (2) A provisional liquidator is entitled to receive such remuneration by way of percentage or otherwise as is determined by the Court. (3) A liquidator is entitled to receive such remuneration by way of percentage or otherwise as is determined:

(a)

if there is a committee of inspection—by agreement between the liquidator and the committee of inspection; or

(b)

if there is no committee of inspection or the liquidator and the committee of inspection fail to agree:

(i)

by resolution of the creditors; or

(ii)

if no such resolution is passed—by the Court.

(4) A meeting of creditors for the purposes of subsection (3) must be convened by the liquidator by sending to each creditor a notice to which is attached a statement of all receipts and expenditure by the liquidator and of the amount of remuneration sought by him or her. (5) Where the remuneration of a liquidator is determined in the manner specified in paragraph (3)(a), the Court may, on the application of:

(a)

a member or members whose shareholding or shareholdings represents or represent in the aggregate at least 10% of the issued capital of the company; or

(b)

a creditor or creditors whose debts against the company that have been admitted to proof amount in the aggregate to at least 10% of the total amount of the debts of the creditors of the company that have been admitted to proof; or

(c)

ASIC;