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 D - Giving information etc. to creditors and others  

CLAUSE 70-50   REPORTING TO CREDITORS AND MEMBERS  

70-50(1)  
The Insolvency Practice Rules may provide for and in relation to the obligations of external administrators of companies:


(a) to give information; and


(b) to provide reports; and


(c) to produce documents;

to creditors or members.

70-50(2)  
Without limiting subsection (1), the Insolvency Practice Rules may provide for and in relation to:


(a) other circumstances in which the external administrator of a company must give information, provide a report or produce a document to a creditor or member; and


(b) the manner and form in which information is to be given, a report provided or a document produced; and


(c) the timeframes in which information is to be given, a report provided or a document produced; and


(d) who is to bear the cost of giving information, providing a report or producing a document.

70-50(3)  
The Insolvency Practice Rules may:


(a) make different provision in relation to different kinds of external administration; and


(b) provide that specified requirements imposed under the Insolvency Practice Rules may be replaced or modified, by resolution, by:


(i) the creditors; or

(ii) the members; or

(iii) if there is a committee of inspection - the committee.

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