Corporations Act 2001
CHAPTER 2L
-
DEBENTURES
PART 2L.3
-
DUTIES OF GUARANTOR
SECTION 283CA
283CA
DUTIES OF GUARANTOR
If a borrower is required to enter into a trust deed under section 283AA in relation to debentures, a guarantor in respect of the debentures has the duties imposed by this Part. SECTION 283CB 283CB GENERAL DUTIES
The guarantor must:
(a) carry on and conduct its business in a proper and efficient manner; and
(b) make all of its financial and other records available for inspection by:
If the guarantor creates a security interest, it must:
(a) give the trustee written details of the security interest within 21 days after it is created; and
(b) if the total amount to be advanced on the security of the security interest is indeterminate, give the trustee written details of:
SECTION 283CD
283CD
EXCEPTIONS TO GUARANTOR
'
S DUTY TO INFORM TRUSTEE
Section 283CC does not apply in respect of:
(a) the guarantor, while:
(b) a security interest in PPSA retention of title property.
SECTION 283CE
283CE
OFFENCES FOR FAILURE TO COMPLY WITH STATUTORY DUTIES
The guarantor commits an offence if it intentionally or recklessly contravenes paragraph 283CB(b) or section 283CC.
If a borrower is required to enter into a trust deed under section 283AA in relation to debentures, a guarantor in respect of the debentures has the duties imposed by this Part. SECTION 283CB 283CB GENERAL DUTIES
The guarantor must:
(a) carry on and conduct its business in a proper and efficient manner; and
(b) make all of its financial and other records available for inspection by:
(i) the trustee; or
(ii) an officer or employee of the trustee authorised by the trustee to carry out the inspection; or
and give them any information, explanations or other assistance that they require about matters relating to those records. SECTION 283CC 283CC DUTY TO INFORM TRUSTEE ABOUT SECURITY INTERESTS
(iii) a registered company auditor appointed by the trustee to carry out the inspection;
View history note
Hide history noteIf the guarantor creates a security interest, it must:
(a) give the trustee written details of the security interest within 21 days after it is created; and
(b) if the total amount to be advanced on the security of the security interest is indeterminate, give the trustee written details of:
(i) the amount of each advance made within 7 days after it is made; or
(ii) where the advances are merged in a current account with bankers, trade creditors or anyone else - the net amount outstanding on the advances at the end of every 3 months.
Section 283CC does not apply in respect of:
(a) the guarantor, while:
(i) it is under external administration; or
(ii) a receiver, or a receiver and manager, of property of the guarantor has been appointed and has not ceasedto act under that appointment; or
(b) a security interest in PPSA retention of title property.
The guarantor commits an offence if it intentionally or recklessly contravenes paragraph 283CB(b) or section 283CC.