BANKRUPTCY ACT 1966

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (BANKRUPTCY)  

Note: See section 4A .

PART 3 - GENERAL RULES RELATING TO ESTATE ADMINISTRATIONS  

Division 65 - Funds handling  

SECTION 65-32   RECONCILIATION OF ADMINISTRATION ACCOUNT  

Application of this section

65-32(1)  
This section applies if the trustee maintains a single bank account for more than one estate of a regulated debtor or regulated debtors. Trustee must maintain separate records

65-32(2)  
The trustee must:


(a) maintain a separate record for each of those estates of:


(i) money received by the trustee from the regulated debtor in relation to the estate; and

(ii) payments made by the trustee in relation to the estate; and

(iii) the balance of money held by the trustee in relation to the estate; and


(b) at least once every 25 business days, reconcile the balance relating to each estate held in the account with the corresponding record maintained under paragraph (a).




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