CORPORATIONS ACT 2001
|PART 3 - GENERAL RULES RELATING TO EXTERNAL ADMINISTRATIONS
|Division 70 - Information
|Subdivision C - Record-keeping
Application of this section
This section applies if:
(a) a person (the former administrator) ceases to be the external administrator of a company; and
(b) ASIC has not issued a notice to the former administrator under section 70-31; and
(c) a registered liquidator (the new administrator) is appointed as external administrator of the company instead.
Transfer of books to new administrator
The former administrator must transfer to the new administrator, within the handover period, possession or control of any books relating to the external administration of the company that are in the former administrator's possession or control.
handover period is:
(a) the period of 10 business days beginning on the day after the new administrator is appointed; or
(b) if another period is agreed between the former administrator and the new administrator - that other period.
The former administrator may take a copy of any part of the books before transferring possession or control of them to the new administrator.
New administrator must accept the books
The new administrator must take possession or accept control of any books relating to the external administration of the company.
New administrator must allow inspection etc.
After possession or control of the books is transferred, the new administrator must allow the former administrator to inspect them at any reasonable time and take a copy of any part of the books.
A person commits an offence if:
(a) the person is subject to a requirement under subsection (2), (5) or (6); and
(b) the person intentionally or recklessly fails to comply with the requirement.
Penalty: 50 penalty units.
Lien against books not prejudiced
If the new administrator is entitled to take possession or control of the books under this section:
(a) a person is not entitled, as against the new administrator, to claim a lien on the books; and
(b) such a lien is not otherwise prejudiced.