Document ID: chunk:federal_register_of_legislation:C2016A00011:schedule:2:p32
Version: federal_register_of_legislation:C2016A00011
Segment Type: schedule
Provision Reference: sch 2 (pt 32/59)
Character Range: 89372–92146

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: 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).

65‑10  Administration accounts
  A bank account is an administration account in relation to a regulated debtor's estate if:
 (a) the account is maintained in relation to the regulated debtor's estate; and
 (b) if any requirements are prescribed in relation to administration accounts of regulated debtors' estates, it complies with those requirements.

65‑15  Trustee must not pay other money into the administration account

Trustee must not pay other money into the administration account
 (1) The trustee of a regulated debtor's estate must not pay any money into the administration account for the estate if it is not received by the trustee on behalf of, or in relation to:
 (a) the estate; or
 (b) where the trustee maintains the account in relation to more than one estate of a regulated debtor or regulated debtors—one of those estates.

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 the 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).

65‑20  Consequences for failure to pay money into administration account

Application of this section
 (1) This section applies if:
 (a) the trustee of a regulated debtor's estate:
 (i) is subject to a requirement under subsection 65‑5(1) (paying money into administration account); and
 (ii) fails to comply with the requirement in relation to an amount of money; and
 (b) the amount exceeds:
 (i) $50; or
 (ii) if another amount is prescribed—that other amount.

Exception
 (2) Subsection (1) does not apply if, on the application of the trustee of the regulated debtor's estate, the Court is satisfied that the trustee had sufficient reason for failing to comply with the requirement in relation to the amount.

Trustee must pay penalty on excess
 (3) The trustee must, as a penalty, pay interest to the Commonwealth on the excess, worked out:
 (a) at the rate of 20% per year; or
 (b) if another rate is prescribed—at that other rate;
for