CORPORATIONS ACT 2001

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)  

Note: See section 600K .

PART 3 - GENERAL RULES RELATING TO EXTERNAL ADMINISTRATIONS  

Division 70 - Information  

Subdivision A - Introduction  

CLAUSE 70-1   SIMPLIFIED OUTLINE OF THIS DIVISION  


The external administrator of a company must:

  • (a) give annual reports of the administration (called annual administrative returns) to ASIC; and
  • (b) give a report of the administration to ASIC when the administration ends; and
  • (c) keep books of meetings and other company affairs; and
  • (d) allow those books to be audited if required to do so; and
  • (e) allow access to those books by creditors; and
  • (f) give creditors, members and others requested information, documents and reports relating to the administration.
  • The committee of inspection (if there is one) may also request information, documents and reports from the external administrator under Division 80.

    If the external administrator does not comply with a request, ASIC may direct the external administrator to do so. If the external administrator does not comply with the direction, ASIC may ask the Court to order compliance. Alternatively, the person who requested the information may ask the Court to order compliance with the request.


    View surrounding sectionsView surrounding sectionsBack to top


    This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.