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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 70 - Information  

Subdivision C - Record-keeping  

CLAUSE 70-10  ADMINISTRATION BOOKS  

 View history reference

External administrator must keep proper books

70-10(1)  

An external administrator of a company must keep proper books in which the external administrator must cause to be made:


(a) entries or minutes of proceedings at meetings relating to the external administration of the company; and


(b) such other entries as are necessary to give a complete and correct record of the external administrator's administration of the company's affairs.

70-10(2)  

The external administrator must:


(a) ensure that the books are available at the external administrator's office for inspection; and


(b) permit a creditor or contributory, or another person acting on the creditor's or contributory's behalf, to inspect the books at all reasonable times.

Exception

70-10(3)  

Subsections (1) and (2) do not apply if the external administrator has a reasonable excuse.

Offence

70-10(4)  

A person commits an offence of strict liability if:


(a) the person is subject to a requirement under subsection (1) or (2); and


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

Penalty: 5 penalty units.

Note: A defendant bears an evidential burden in relation to the matter in subsection (3) (see subsection 13.3(3) of the Criminal Code).


 



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