Document ID: chunk:federal_register_of_legislation:C2025C00185:schedule:2:p61
Version: federal_register_of_legislation:C2025C00185
Segment Type: schedule
Provision Reference: sch 2 (pt 61/73)
Character Range: 6465599–6468348

subsection (1), the Insolvency Practice Rules may provide for and in relation to:
 (a) other circumstances in which the external administrator of a company must give information, provide a report or produce a document to a committee of inspection; and
 (b) the manner and form in which information is to be given, a report provided or a document produced; and
 (c) the timeframes in which information is to be given, a report provided or a document produced; and
 (d) who is to bear the cost of giving information, providing a report or producing a document.
 (3) The Insolvency Practice Rules may:
 (a) make different provision in relation to different classes of company or external administration of a company; and
 (b) provide that specified requirements imposed under the Insolvency Practice Rules may be replaced or modified, by resolution, by:
 (i) the creditors; or
 (ii) the committee of inspection.

80‑50  Committee of inspection may obtain specialist advice or assistance
 (1) A committee of inspection may resolve that a member of the committee obtain, on behalf of the committee, such advice or assistance as the committee considers desirable in relation to the conduct of the external administration.
 (2) The committee of inspection must obtain the approval of the external administrator of the company or the Court before expenses are incurred in obtaining the advice or assistance.
 (3) To avoid doubt, an expense incurred under subsection (2) is to be taken to be an expense incurred by a person as a member of the committee, unless the Court orders otherwise.

80‑55  Obligations of members of committee of inspection

Deriving profit or advantage from the company
 (1) A member of a committee of inspection must not directly or indirectly derive any profit or advantage from the external administration of the company.

Circumstances in which profit or advantage is taken to be derived
 (2) To avoid doubt, a member of a committee of inspection is taken to derive a profit or advantage from the external administration of the company if:
 (a) the member directly or indirectly derives a profit or advantage from a transaction (including a sale or purchase) entered into for or on account of the company; or
 (b) the member directly or indirectly derives a profit or advantage from a creditor of the company; or
 (c) a related entity of the member directly or indirectly derives a profit or advantage from the external administration of the company.

Exceptions
 (3) Subsection (1) does not apply if the creditors resolve otherwise.
 (4) The member of the committee is not entitled to vote on the resolution referred to in subsection (3).
 (5) Subsection (1) does not apply to the extent that:
 (a) another provision of this Act,