BANKRUPTCY ACT 1966
(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) at a particular time (the show cause time ), the Inspector-General 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 .
(a) make a withdrawal from the account; or
(b) permit the making of a withdrawal from the account;
(c) in accordance with the written consent of the Inspector-General; or
(d) to recover from the account-holder an amount equal to an amount of tax (however described) that the bank has paid or is liable to pay in connection to the operation of the account; or
(e) to discharge a liability of the account-holder to pay a fee or charge in relation to the operation of the account; or
(f) in such circumstances (if any) as are specified in the regulations. 186LB(3) Duration of freezing notice.
(a) comes into force when the notice is given to the bank; and
(b) remains in force for:
(i) 42 days after the show cause time; or
186LB(4) Extension of 42-day period.
(ii) if a shorter period is specified in the notice - that shorter period.
The Court may, on application by the Inspector-General, extend, or further extend, the 42-day period referred to in subsection (2) or subparagraph (3)(b)(i).186LB(5) Revocation of freezing notice.
If an account-freezing notice is in force in relation to a bank, the Inspector-General may, by written notice given to the bank, revoke the account-freezing notice.186LB(6) Copy of account-freezing notice to be given to account-holder etc.
If the Inspector-General gives or revokes an account-freezing notice that relates to an account, the Inspector-General must give a copy of the account-freezing notice or the revocation notice, as the case may be, to the holder of the account.186LB(7) [ Account-freezing notice or revocation notice still valid]
A failure to comply with subsection (6) does not affect the validity of the account-freezing notice or the revocation notice, as the case may be.186LB(8) Consent of Inspector-General.
(a) unconditional; or
(b) subject to such conditions (if any) as are specified in the notice of consent. 186LB(9) [ Where consent refused]
If the Inspector-General decides to refuse to give a consent under paragraph (2)(c), an application may be made to the Administrative Appeals Tribunal for review of the decision.