Corporations Act 2001
SCHEDULE 2
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INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)
Money only to be paid out of administration account in accordance with this Act etc.
65-25(1)
An external administrator of a company must not pay any money out of the administration account for the company otherwise than:
(a) for purposes related to the external administration of the company; or
(b) in accordance with this Act; or
(c) in accordance with a direction of the Court.
Offence
65-25(2)
A person commits an offence of strict liability if:
(a) the person is subject to a requirement under subsection (1); and
(b) the person fails to comply with the requirement.
Note: See section 600K .
PART 3 - GENERAL RULES RELATING TO EXTERNAL ADMINISTRATIONS Division 65 - Funds handling CLAUSE 65-25 PAYING MONEY OUT OF ADMINISTRATION ACCOUNTMoney only to be paid out of administration account in accordance with this Act etc.
65-25(1)
An external administrator of a company must not pay any money out of the administration account for the company otherwise than:
(a) for purposes related to the external administration of the company; or
(b) in accordance with this Act; or
(c) in accordance with a direction of the Court.
Offence
65-25(2)
A person commits an offence of strict liability if:
(a) the person is subject to a requirement under subsection (1); and
(b) the person fails to comply with the requirement.
Penalty: 50 penalty units.
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