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 F - Reporting to ASIC  

CLAUSE 70-60   INSOLVENCY PRACTICE RULES MAY PROVIDE FOR REPORTING TO ASIC  

70-60(1)  
The Insolvency Practice Rules may provide for and in relation to the obligations of an external administrator of a company:


(a) to give information; and


(b) to provide reports; and


(c) to produce documents;

to ASIC.

70-60(2)  
Without limiting subsection (1), the Insolvency Practice Rules may provide for and in relation to:


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


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


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

70-60(3)  
The Insolvency Practice Rules may make different provision in relation to different kinds of external administration.

Note: A failure to give information, provide a report or produce a document to ASIC in accordance with the Insolvency Practice Rules may lead to disciplinary action under Subdivision B of Division 40 of Part 2 of this Schedule.


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