Document ID: chunk:federal_register_of_legislation:C2025C00167:schedule:2:p31
Version: federal_register_of_legislation:C2025C00167
Segment Type: schedule
Provision Reference: sch 2 (pt 31/95)
Character Range: 942283–945035

trustee
  A person (the first person) commits an offence if:
 (a) the first person gives, or agrees or offers to give, to another person any valuable consideration; and
 (b) the first person does so with the intention of:
 (i) securing the first person's appointment or nomination as a trustee of a regulated debtor's estate; or
 (ii) securing or preventing the appointment or nomination of a third person as a trustee of a regulated debtor's estate.
Penalty: Imprisonment for 6 months.

60‑26  Payments in respect of performance by third parties

No payments for performance of trustee's ordinary duties by another person
 (1) If a trustee of a regulated debtor's estate receives remuneration for his or her services, a payment in respect of the performance by another person of the ordinary duties that are required by this Act to be performed by the trustee is not allowed in the trustee's accounts.

Exception
 (2) Subsection (1) does not apply to a payment if the payment was authorised by resolution of:
 (a) the creditors; or
 (b) the committee of inspection (if any).

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: 50 penalty units.
Note: A defendant bears an evidential burden in relation to the matter in subsection (2) (see subsection 13.3(3) of the Criminal Code).

Division 65—Funds handling

65‑1  Simplified outline of this Division

      The trustee of a regulated debtor's estate has duties to:
             (a) promptly pay all money of the estate into an account (called an administration account); and
             (b) promptly deposit instruments such as securities with a bank; and
             (c) not pay any money into the account unless it is money of a regulated debtor's estate for which the account is held; and
             (d) only pay money out of the account if it is for a legitimate purpose.
      The trustee may keep a single account for more than one estate.
      People with a financial interest in the administration of a regulated debtor's estate (such as creditors) may ask the Court to give directions to the trustee about the way money and other property of the estate is to be handled.
      If the trustee of a regulated debtor's estate does not comply with this Division, the trustee may have to pay penalties, be paid less remuneration or be removed as trustee.

65‑5  Trustee must pay all money into the administration account

Trustee must pay money into the administration account
 (1) The trustee of a regulated debtor's estate must pay all money received by the trustee on behalf of, or in relation to, the estate into an administration account