Corporations Act 2001

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (CORPORATIONS)

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Note: See section 600K .

PART 3 - GENERAL RULES RELATING TO EXTERNAL ADMINISTRATIONS

Division 70 - Information

Subdivision A - Introduction

SECTION 70-1 SIMPLIFIED OUTLINE OF THIS DIVISION

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The external administrator of a company must:

(a) give annual reports of the administration (called annual administrative returns) to ASIC; and

(b) give a report of the administration to ASIC when the administration ends; and

(d) allow those books to be audited if required to do so; and

(e) allow access to those books by creditors; and

(f) give creditors, members and others requested information, documents and reports relating to the administration.

The committee of inspection (if there is one) may also request information, documents and reports from the external administrator under Division 80.

If the external administrator does not comply with a request, ASIC may direct the external administrator to do so. If the external administrator does not comply with the direction, ASIC may ask the Court to order compliance. Alternatively, the person who requested the information may ask the Court to order compliance with the request.

[ CCH Note: Cl 70-1 will be amended by No 69 of 2020, s 3, Sch 1[1341], by substituting " the Registrar " for " ASIC " (first and second occurring) (effective 1 July 2026 or a day or days to be fixed by Proclamation).]

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