Bankruptcy Act 1966

PART IX - DEBT AGREEMENTS  

Division 3A - Duties of administrators  

SECTION 185LE   ADMINISTRATOR TO KEEP ACCOUNTS ETC.  

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) .

185LE(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.

185LE(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).