Document ID: chunk:federal_register_of_legislation:F2022C00672:body:0:p12
Version: federal_register_of_legislation:F2022C00672
Segment Type: other
Provision Reference: 
Character Range: 30203–33176

Schedule (Bankruptcy) to represent the trustee at a meeting of creditors, must attend meetings of creditors.

42‑90  Verifying payments and transfers
  A registered trustee must verify all payments from an administration, and transfers between estates, by reference to appropriate supporting vouchers and original documents kept with the books relating to the administration.

42‑95  Separate accounts and records
  A registered trustee must ensure that bank accounts and records maintained in respect of all transactions relating to the regulated debtor's property are kept separate from records relating to any later administration that takes place in relation to the regulated debtor.

Subdivision B—Standards for trustees other than controlling trustees

42‑120  Application of this Subdivision
  This Subdivision applies in relation to registered trustees in the administration of the following:
 (a) the estate of a bankrupt;
 (b) a personal insolvency agreement;
 (c) the estate of a deceased person in respect of which an order has been made under Part XI of the Act.

42‑125  Provable debts in a joint administration
  In conducting an administration in relation to joint regulated debtors, the registered trustee must ensure that a debt is proved in the appropriate estate.

42‑130  Creditors' views to be considered
  A registered trustee must consider the views of creditors in relation to whether money held by the trustee should be:
 (a) applied to conduct further investigations in relation to the administration; or
 (b) distributed as a dividend.

42‑135  Distribution of estate funds
  A registered trustee must distribute estate funds in a timely manner, having regard to:
 (a) the complexity of the administration and the claims of creditors; and
 (b) the amount of funds available for distribution; and
 (c) the need to retain funds in the estate to meet existing or expected commitments.

42‑140  Advice relating to dividends and administration
  A registered trustee must, when distributing dividends to the creditors of a regulated debtor, advise creditors about whether:
 (a) further dividends are expected to be distributed; or
 (b) the administration is finalised.

Subdivision C—Standards for trustees of bankrupt estates

42‑170  Application of this Subdivision
  This Subdivision applies in relation to registered trustees in the administration of the following:
 (a) the estate of a bankrupt;
 (b) the estate of a deceased person in respect of which an order has been made under Part XI of the Act.

42‑175  Identifying assets for vesting
  A registered trustee must take appropriate steps to identify the assets of the estate of a regulated debtor that will vest in the trustee, including the following:
 (a) obtaining and reviewing the statement of affairs of the regulated debtor;
 (b) considering the size of the deficiency in the estate for the purpose of finding possible assets or determining whether an issue needs to be investigated;