Document ID: chunk:federal_register_of_legislation:C2025C00167:schedule:2:p37
Version: federal_register_of_legislation:C2025C00167
Segment Type: schedule
Provision Reference: sch 2 (pt 37/95)
Character Range: 957380–960139

person is subject to a requirement under subsection (1) or (2); and
 (b) the person fails to comply with the requirement.
Penalty: 5 penalty units.
Note 1: A defendant bears an evidential burden in relation to the matter in subsection (3) (see subsection 13.3(3) of the Criminal Code).
Note 2: See also section 277B (about infringement notices).

70‑11  Trustee's books when trading

Trustee must keep trading books etc.
 (1) If the trustee of a regulated debtor's estate carries on a business previously carried on by the regulated debtor, the trustee must:
 (a) keep such books as are usually kept in relation to the carrying on of a business of that kind; and
 (b) permit a creditor, or another person acting on the creditor's behalf, to inspect the books at all reasonable times.

Offence
 (2) 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: 5 penalty units.
Note: See also section 277B (about infringement notices).

70‑15  Audit of administration books—Inspector‑General

Inspector‑General may audit books, or cause them to be audited
 (1) The Inspector‑General may audit, or cause to be audited, the books referred to in section 70‑5 (annual administration return), 70‑10 (administration books) or 70‑11 (books when trading).

Audit on the Inspector‑General's initiative or on request
 (2) The audit may be conducted:
 (a) on the Inspector‑General's own initiative; or
 (b) at the request of the regulated debtor; or
 (c) at the request of a creditor.

Auditor must prepare a report
 (3) The person carrying out the audit must prepare a report on the audit.

Inspector‑General must give a copy of the report
 (4) The Inspector‑General must give a copy of the report to:
 (a) the trustee of the estate; and
 (b) the person who requested the report (if any).

Costs of an audit
 (5) The costs of an audit under this section must be determined by the Inspector‑General and is to be borne by the estate.

Qualified privilege in relation to audit reports
 (6) A person who conducts an audit under this section has qualified privilege (within the meaning of the Corporations Act 2001) in respect of any report prepared under subsection (3) that is given to a person under subsection (4) or otherwise published.

70‑20  Audit of administration books—on order of the Court
 (1) The Court may order that the Inspector‑General audit, or cause to be audited, the books referred to in section 70‑5 (annual administration return), 70‑10 (administration books) or 70‑11 (books when trading).
 (2) The order may be made on application of any person with a financial interest in the administration of the regulated debtor's estate.