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 C - Record-keeping  

SECTION 70-30   TRANSFER OF BOOKS TO NEW ADMINISTRATOR  

Application of this section

70-30(1)    
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

70-30(2)    
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.

70-30(3)    
The

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.

70-30(4)    
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

70-30(5)    
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.

70-30(6)    
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.

Offence

70-30(7)    
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

70-30(8)    
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.