Document ID: chunk:federal_register_of_legislation:C2025C00185:schedule:2:p42
Version: federal_register_of_legislation:C2025C00185
Segment Type: schedule
Provision Reference: sch 2 (pt 42/73)
Character Range: 6418407–6421115

period.
 (4) The former administrator may take a copy of any part of the books before transferring possession or control of them to the new administrator.

New administrator must accept the books
 (5) The new administrator must take possession or accept control of any books relating to the external administration of the company.

New administrator must allow inspection etc.
 (6) After possession or control of the books is transferred, the new administrator must allow the former administrator to inspect them at any reasonable time and take a copy of any part of the books.

Offence
 (7) A person commits an offence if:
 (a) the person is subject to a requirement under subsection (2), (5) or (6); and
 (b) the person intentionally or recklessly fails to comply with the requirement.
Penalty: 50 penalty units.

Lien against books not prejudiced
 (8) If the new administrator is entitled to take possession or control of the books under this section:
 (a) a person is not entitled, as against the new administrator, to claim a lien on the books; and
 (b) such a lien is not otherwise prejudiced.

70‑31  Transfer of books to ASIC etc.

Transfer of books to ASIC
 (1) If a person ceases to be the external administrator of a company, ASIC may, by written notice given to the person, require the person to:
 (a) if the person has books relating to the external administration of the company in his or her possession or control—transfer possession or control of those books to ASIC within the period specified in the notice; or
 (b) otherwise—notify ASIC, within the period and in the manner specified in the notice, that the person does not have books relating to the external administration of the company in the person's possession or control.

Offence
 (2) A person commits an offence if:
 (a) the person is subject to a requirement under subsection (1); and
 (b) the person intentionally or recklessly fails to comply with the requirement.
Penalty: 50 penalty units.

ASIC must transfer books to new external administrator
 (3) If:
 (a) possession or control of books relating to an external administration of a company is transferred to ASIC under this section; and
 (b) the books are in ASIC's possession or control; and
 (c) a person (the new administrator) is or becomes the external administrator of the company;
ASIC must, as soon as practicable, transfer possession or control of those books to the new administrator.

ASIC must transfer books to company
 (4) If:
 (a) possession or control of books relating to a company is transferred to ASIC under this section; and
 (b) the books are in ASIC's possession or control; and
 (c) the company ceases to be a company under external administration;