BANKRUPTCY ACT 1966

PART IX - DEBT AGREEMENTS  

Division 3A - Duties of administrators  

SECTION 185LE   ADMINISTRATOR TO KEEP ACCOUNTS ETC.  

185LE(1)  
An administrator of a debt agreement must:


(a) keep such accounts, books and records as are necessary to give a full and correct account of the administration of the debt agreement; and


(b) if required to do so by the Inspector-General - make those accounts and records available for inspection by the Inspector-General; and


(c) if required to do so by the Inspector-General - answer any inquiries about the debt agreement; and


(d) cooperate with any inquiry or investigation made by the Inspector-General under paragraph 12(1)(bb) .

185LE(1A)  


A person commits an offence of strict liability if:


(a) the person is subject to a requirement under paragraph (1)(a) or (b); and


(b) the person fails to comply with the requirement.

Penalty: 5 penalty units.

185LE(2)  
If an administrator of one or more debt agreements is to be remunerated under those debt agreements, the administrator must:


(a) maintain a separate record of:


(i) money received by the administrator from the debtors in relation to those debt agreements; and

(ii) payments made by the administrator in relation to those debt agreements; and

(iii) the balance of money held by the administrator in relation to those debt agreements; and


(b) if the administrator maintains an account under subsection 185LD(1) - at least once every 45 days, reconcile the balance held in the subsection 185LD(1) account with the corresponding record maintained under paragraph (a).




This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.