Commonwealth Consolidated Acts

BANKRUPTCY ACT 1966 - SECT 185LE

  (1)   An administrator of a debt agreement must:

  (a)   keep such accounts, books and records as are necessary to give a full and correct account of the administration of the debt agreement; and

  (b)   if required to do so by the Inspector - General--make those accounts and records available for inspection by the Inspector - General; and

  (c)   if required to do so by the Inspector - General--answer any inquiries about the debt agreement; and

  (d)   cooperate with any inquiry or investigation made by the Inspector - General under paragraph   12(1)(bb).

  (1A)   A person commits an offence of strict liability if:

  (a)   the person is subject to a requirement under paragraph   (1)(a) or (b); and

  (b)   the person fails to comply with the requirement.

Penalty:   5 penalty units.

  (2)   If an administrator of one or more debt agreements is to be remunerated under those debt agreements, the administrator must:

  (a)   maintain a separate record of:

  (i)   money received by the administrator from the debtors in relation to those debt agreements; and

  (ii)   payments made by the administrator in relation to those debt agreements; and

  (iii)   the balance of money held by the administrator in relation to those debt agreements; and

  (b)   if the administrator maintains an account under subsection   185LD(1)--at least once every 45 days, reconcile the balance held in the subsection   185LD(1) account with the corresponding record maintained under paragraph   (a).