BANKRUPTCY ACT 1966

PART IX - DEBT AGREEMENTS  

Division 8 - Registration of debt agreement administrators etc.  

Subdivision C - Surrender and cancellation of registration as a debt agreement administrator  

SECTION 186LA   INSPECTOR-GENERAL MAY OBTAIN INFORMATION ABOUT DEBT AGREEMENT ADMINISTRATION TRUST ACCOUNTS  

186LA(1)   Scope.  

This section applies to a bank if:


(a) the Inspector-General believes on reasonable grounds that:


(i) a person who is or was an administrator of a debt agreement holds or held an account with the bank; and

(ii) the account was kept, or purportedly kept, in compliance with subsection 185LD(1) ; and


(b) the Inspector-General has asked the person:


(i) under subsection 186K(3) or 186L(3) , to give the Inspector-General a written explanation why the person should continue to be registered as a debt agreement administrator; or

(ii) under subsection 40-40(1) of Schedule 2 , to give the Inspector-General a written explanation why the person should continue to be registered as a trustee; and


(c) if subparagraph (b)(ii) applies - the Inspector-General asked for the explanation on the basis of paragraph 40-40(1)(m) of Schedule 2 .

186LA(1A)  


This section also applies to a bank if:


(a) the Inspector-General believes on reasonable grounds that:


(i) a person who is or was an administrator of a debt agreement holds or held an account with the bank; and

(ii) the account was kept, or purportedly kept, in compliance with subsection 185LD(1) ; and


(b) the Inspector-General reasonably suspects that, in connection with the account, the person has:


(i) contravened a provision of this Act; or

(ii) failed to properly carry out the duties of an administrator in relation to the debt agreement; or

(iii) contravened a condition of the person ' s registration as a registered debt agreement administrator.

186LA(2)   Requirement.  

The Inspector-General may, by written notice given to the bank, require the bank to give to the Inspector-General, within the period and in the manner specified in the notice, such information about the account as is specified in the notice.

186LA(3)   Offence.  

A person commits an offence if:


(a) the person has been given a notice under subsection (2); and


(b) the person omits to do an act; and


(c) the omission contravenes a requirement in the notice.

Penalty for contravention of this subsection: 60 penalty units.




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