BANKRUPTCY ACT 1966

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (BANKRUPTCY)  

Note: See section 4A .

PART 3 - GENERAL RULES RELATING TO ESTATE ADMINISTRATIONS  

Division 70 - Information  

Subdivision C - Record-keeping  

SECTION 70-30   TRANSFER OF BOOKS TO NEW TRUSTEE  

Application of this section

70-30(1)  
This section applies if:


(a) a person (the former trustee ) ceases to be the trustee of a regulated debtor ' s estate; and


(b) a registered trustee (the new trustee ) is appointed as trustee of the estate instead. Transfer of books to new trustee

70-30(2)  
The former trustee must transfer to the new trustee, within the handover period, possession or control of any books relating to the administration of the estate that are in the former trustee ' s possession or control.

70-30(3)  
The handover period is:


(a) the period of 10 business days beginning on the day after the new trustee is appointed; or


(b) if another period is agreed between the former trustee and the new trustee - that other period.

70-30(4)  
The former trustee may take a copy of any part of the books before transferring possession or control of them to the new trustee. New trustee must accept the books

70-30(5)  
The new trustee must take possession or accept control of any books relating to the administration of the regulated debtor ' s estate. New trustee must allow inspection etc.

70-30(6)  
After possession or control of the books is transferred, the new trustee must allow the former trustee to inspect them at any reasonable time and take a copy of any part of the books. Offence

70-30(7)  
A person commits an offence if:


(a) the person is subject to a requirement under subsection (2), (5) or (6); and


(b) the person intentionally or recklessly fails to comply with the requirement.

Penalty: 50 penalty units.

Lien against books not prejudiced

70-30(8)  
If the new trustee is entitled to take possession or control of the books under this section:


(a) a person is not entitled, as against the new trustee, to claim a lien on the books; and


(b) such a lien is not otherwise prejudiced.




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