Bankruptcy Regulations 1996

Reg 9.06 repealed by SLI No 138 of 2007, reg 3 and Sch 2 item 5, effective 1 July 2007.

SLI No 138 of 2007, reg 4, contained the following transitional provision:

4 Transitional  
Despite the repeal by these Regulations of regulations 9.01 to 9.07 and Schedule 5 of the Bankruptcy Regulations 1996 , those regulations and Schedule continue to have effect in relation to a debt agreement made as a result of the acceptance of a debt agreement proposal given to the Official Receiver before 1 July 2007.

Reg 9.06 formerly read:

9.06 DUTIES OF ADMINISTRATOR  
9.06(1)
In addition to other duties imposed by the Act, an administrator of a debt agreement must:

(a) keep accounts, books and records that are necessary to give a full and correct account of the administration of the debt agreement; and

(b) make those accounts, books and records available, on request, for inspection by the Inspector-General; and

(c) if ordered to do so by the Inspector-General, answer any inquiries about a debt agreement; and

(d) cooperate with any inquiry or investigation by the Inspector-General under paragraph 12(1)(bb) of the Act; and

(e) deal with property in the manner specified in the debt agreement; and

(f) if the administrator is to be remunerated under the debt agreement:

(i) maintain a separate record, in relation to the debt agreement, of receipts and payments, and of the balance of money held by the administrator; and

(ii) pay all money received on account of the debt agreement into a single interest-bearing bank account that holds money relating only to debt agreements; and

(iii) at least once every 45 days, reconcile the balance held in that bank account with the corresponding record maintained under subparagraph (i).

Note:

Sections 185Z and 185ZD of the Act make provision in relation to the remuneration of an administrator (other than the Official Trustee) of a debt agreement.

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History

Reg 9.06(1) amended by SLI No 4 of 2006, reg 3 and Sch 1 items 4 and 5, by inserting para (f), applicable in relation to a debt agreement, the debt agreement proposal for which is given to the Official Receiver on or after 1 May 2006.

9.06(2)
If the Inspector-General forms an opinion that an administrator may have failed to properly carry out duties or cooperate with an inquiry or investigation mentioned in subregulation (1), the Inspector-General must:

(a) by written notice, tell the administrator; and

(b) invite the administrator to respond within 28 days, or such longer time as is specified in the notice.

9.06(3)
After the expiry of the time mentioned in paragraph (2)(b), the Inspector-General may, having regard to the response of the administrator (if any), determine whether or not the administrator has failed to properly carry out duties or cooperate with an inquiry or investigation.

9.06(4)
If the Inspector-General determines that the administrator has failed to properly carry out duties or cooperate with an inquiry or investigation, the Inspector-General must give the administrator a written notice of the determination, setting out the reasons.

Reg 9.06 inserted by SR No 76 of 2003, reg 3 and Sch 1 item 9, effective 5 May 2003.