THE CORPORATIONS LAW

CHAPTER 5 - EXTERNAL ADMINISTRATION

PART 5.3A - ADMINISTRATION OF A COMPANY'S AFFAIRS WITH A VIEW TO EXECUTING A DEED OF COMPANY ARRANGEMENT

Division 4 - Administrator investigates company's affairs

SECTION 438C   ADMINISTRATOR'S RIGHTS TO COMPANY'S BOOKS  

438C(1)  [Books etc may not be retained]  

A person is not entitled, as against the administrator of a company under administration:

(a)  to retain possession of books of the company; or

(b)  to claim or enforce a lien on such books;

but such a lien is not otherwise prejudiced.

438C(2)  [Secured creditors]  

Paragraph (1)(a) does not apply in relation to books of which a secured creditor of the company is entitled to possession otherwise than because of a lien, but the administrator is entitled to inspect, and make copies of, such books at any reasonable time.

438C(3)  [Books to be delivered to administrator]  

The administrator of a company under administration may give to a person a written notice requiring the person to deliver to the administrator, as specified in the notice, books so specified that are in the person's possession.

438C(4)  [Time for compliance]  

A notice under subsection (3) must specify a period of at least 3 business days as the period within which the notice must be complied with.

438C(5)  [Entitlement to retain possession of books]  

A person must comply with a notice under subsection (3) except so far as the person is entitled, as against the company and the administrator, to retain possession of the books.




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