Document ID: chunk:federal_register_of_legislation:C2016A00011:schedule:2:p34
Version: federal_register_of_legislation:C2016A00011
Segment Type: schedule
Provision Reference: sch 2 (pt 34/59)
Character Range: 94372–97080

The trustee must:
 (a) maintain a separate record for each of those estates of:
 (i) money received by the trustee from the regulated debtor in relation to the estate; and
 (ii) payments made by the trustee in relation to the estate; and
 (iii) the balance of money held by the trustee in relation to the estate; and
 (b) at least once every 25 business days, reconcile the balance relating to each estate held in the account with the corresponding record maintained under paragraph (a).

65‑40  Handling securities

Securities must be deposited with administration account bank
 (1) The trustee of a regulated debtor's estate must deposit in a bank:
 (a) the bills of exchange; and
 (b) the promissory notes; and
 (c) any other negotiable instrument or security;
payable to the regulated debtor or the trustee as soon as practicable after they are received by the trustee.

Exception
 (2) If the Court gives a direction that is inconsistent with subsection (1), that subsection does not apply to the extent of the inconsistency.

Offence
 (3) A person commits an offence of strict liability if:
 (a) the person is subject to a requirement under subsection (1); and
 (b) the person fails to comply with the requirement.
Penalty: 5 penalty units.
Note 1: A defendant bears an evidential burden in relation to the matter in subsection (2) (see subsection 13.3(3) of the Criminal Code).
Note 2: See also section 277B (about infringement notices).

Delivery of securities
 (4) The bills, notes or other instrument or security must be delivered out on the signed request of the trustee.

65‑45  Handling of money and securities—Court directions
 (1) The Court may, on application, give directions regarding the payment, deposit or custody of:
 (a) money; and
 (b) bills of exchange, promissory notes and other negotiable instruments and securities;
that are payable to, or held by, the trustee of a regulated debtor's estate.
 (2) The Court may, on application, give directions authorising the trustee of a regulated debtor's estate to make payments into and out of a special bank account.
 (3) Without limiting subsection (2), the Court may:
 (a) authorise the payments for the time and on the terms it thinks fit; and
 (b) if the Court thinks the account is no longer required—at any time order it to be closed.
 (4) A copy of an order under paragraph (3)(b) must be served by the trustee on the bank with which the special bank account was opened.
 (5) An application under this section may be made by a person with a financial interest in the administration of the regulated debtor's estate.

65‑46  Review of payments to third parties
 (1) The Insolvency Practice Rules may provide for and in relation to the