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CORPORATIONS ACT 2001

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)    View history reference

Note: See section 600K.

PART 3 - GENERAL RULES RELATING TO EXTERNAL ADMINISTRATIONS  

Division 65 - Funds handling  

CLAUSE 65-25  PAYING MONEY OUT OF ADMINISTRATION ACCOUNT  

 View history reference

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.

Penalty: 50 penalty units.

 



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