Document ID: chunk:federal_register_of_legislation:F2022C00672:body:0:p24
Version: federal_register_of_legislation:F2022C00672
Segment Type: other
Provision Reference: 
Character Range: 61035–63725

decision.

Division 70—Information

70‑1  Time for complying with reasonable requests
 (1) This section is made for the purposes of section 70‑50 of the Insolvency Practice Schedule (Bankruptcy).
 (2) Subject to subsections (3) and (5), if a trustee of a regulated debtor's estate receives a request for information or a report or document under Division 70 of the Insolvency Practice Schedule (Bankruptcy), the trustee must send the information, report or document within:
 (a) 5 business days after receiving the request; or
 (b) such later period as agreed with the person or body making the request.
 (3) If the trustee is reasonably satisfied that, due to the nature of the request, an extension of time is required to comply with it, the trustee may, by written notice, extend the period for compliance.
 (4) The notice must:
 (a) be given to the person or body making the request; and
 (b) specify the period within which the request will be complied with; and
 (c) specify the reasons for the extension.
 (5) This section does not apply if, under the Act or these Rules, it is not reasonable for the trustee of a regulated debtor's estate to comply with the request.

70‑5  Notice requirements for unreasonable requests
 (1) This section is made for the purposes of section 70‑50 of the Insolvency Practice Schedule (Bankruptcy) and applies if:
 (a) a request for information or a report or document is made to the trustee of a regulated debtor's estate under Division 70 of the Insolvency Practice Schedule (Bankruptcy); and
 (b) under the Act or these Rules, it is not reasonable for the trustee to comply with the request.
 (2) The trustee must:
 (a) notify the person or body making the request that it is not reasonable for the trustee to comply with the request, and of the reasons why it is not reasonable; and
 (b) make a written record in the books required to be kept under section 70‑10 of the Insolvency Practice Schedule (Bankruptcy) of the fact that the request was not complied with, and of the reasons.

70‑10  Right of creditors to request information etc. from trustee
 (1) This section is made for the purposes of section 70‑40 of the Insolvency Practice Schedule (Bankruptcy).

Unreasonable requests
 (2) It is not reasonable for the trustee of a regulated debtor's estate to comply with a request to give information, provide a report or produce a document to the creditors if the trustee, acting in good faith, is of the opinion that:
 (a) complying with the request would substantially prejudice the interests of one or more creditors or a third party and that prejudice outweighs the benefits of complying with the request; or
 (b) the information, report or