Corporations Amendment (Insolvency) Act 2007 (132 of 2007)

Schedule 3   Improving regulation of insolvency practitioners

Corporations Act 2001

14   At the end of Division 3 of Part 9.2

Add:

1298A Transfer of books

(1) If:

(a) the registration of a person as a liquidator, as a liquidator of a specified body corporate or as an official liquidator is cancelled or suspended; and

(b) immediately before the cancellation or suspension, as the case may be, came into effect, the person had in his or her possession one or more books relating to an externally administered body corporate; and

(c) any of the following subparagraphs applies:

(i) the person was a liquidator of the externally administered body corporate;

(ii) the person was a receiver, or a receiver and manager, of property of the externally administered body corporate;

(iii) the person was the administrator of the externally administered body corporate;

(iv) the person was the administrator of a deed of company arrangement for the externally administered body corporate; and

(d) another person is or becomes:

(i) a liquidator of the externally administered body corporate; or

(ii) a receiver, or a receiver and manager, of property of the externally administered body corporate; or

(iii) the administrator of the externally administered body corporate; or

(iv) the administrator of a deed of company arrangement for the externally administered body corporate;

the first-mentioned person must, as soon as practicable, transfer those books to that other person.

(2) If the books are in electronic form, they may be transferred electronically.