Document ID: chunk:federal_register_of_legislation:C2025C00185:section:283bf:p1
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 283BF (pt 1/2)
Character Range: 992071–994665

283BF  Duty to give trustee and ASIC quarterly reports

Quarterly reports
 (1) Within 1 month after the end of each quarter, the borrower must:
 (a) give the trustee a quarterly report that sets out the information required by subsections (4), (5) and (6); and
 (b) lodge a copy of the report with ASIC (see section 351).

First quarter
 (2) The first quarter is the period of 3 months ending on a day fixed by the borrower, by written notice to the trustee. The day must be less than 6 months after the first issue of a debenture under the trust deed.

Subsequent quarters
 (3) Each of the subsequent quarters are periods of 3 months. The trustee may allow a particular quarter to be a period of less than 3 months if the trustee is satisfied that special circumstances justify doing so.

Content of quarterly report
 (4) The report for a quarter must include details of:
 (a) any failure by the borrower and each guarantor to comply with the terms of the debentures or the provisions of the trust deed or this Chapter during the quarter; and
 (b) any event that has happened during the quarter that has caused, or could cause, 1 or more of the following:
 (i) any amount deposited or lent under the debentures to become immediately payable;
 (ii) the debentures to become immediately enforceable;
 (iii) any other right or remedy under the terms of the debenture or provisions of the trust deed to become immediately enforceable; and
 (c) any circumstances that have occurred during the quarter that materially prejudice:
 (i) the borrower, any of its subsidiaries, or any of the guarantors; or
 (ii) any security interest included in or created by the debentures or the trust deed; and
 (d) any substantial change in the nature of the business of the borrower, any of its subsidiaries, or any of the guarantors that has occurred during the quarter; and
 (e) any of the following events that happened in the quarter:
 (i) the appointment of a guarantor;
 (ii) the cessation of liability of a guarantor body for the payment of the whole or part of the money for which it was liable under the guarantee;
 (iii) a change of name of a guarantor (if this happens, the report must also disclose the guarantor's new name); and
 (f) the net amount outstanding on any advances at the end of the quarter if the borrower has created a security interest where:
 (i) the total amount to be advanced on the security of the security interest is indeterminate; and
 (ii) the advances are merged in a current account with bankers, trade creditors or anyone else; and
 (g) any other matters that may materially