Document ID: chunk:federal_register_of_legislation:C2016A00011:schedule:2:p36
Version: federal_register_of_legislation:C2016A00011
Segment Type: schedule
Provision Reference: sch 2 (pt 36/71)
Character Range: 312721–315592

and securities—Court directions
 (1) The Court may, on application, give directions regarding the payment, deposit or custody of:
 (a) money; and
 (b) negotiable instruments and other securities;
that are payable to, or held by, an external administrator of a company.
 (2) The Court may, on application, give directions authorising the external administrator of a company to make payments into and out of a special bank account.
 (3) Without limiting subsection (2), the Court may:
 (a) authorise the payments for the time and on the terms it thinks fit; and
 (b) if the Court thinks the account is no longer required—at any time order it to be closed.
 (4) A copy of an order under paragraph (3)(b) must be served by the external administrator on the bank with which the special bank account was opened.
 (5) An application under this section may be made by:
 (a) any person with a financial interest in the external administration of the company; or
 (b) an officer of the company.
 (6) Paragraph (5)(b) has effect despite section 198G.
Note: Section 198G deals with powers of officers etc. while a company is under external administration.

65‑50  Rules in relation to consequences for failure to comply with this Division
  The Insolvency Practice Rules may provide for and in relation to:
 (a) the payment by an external administrator of a company of interest at such rate, on such amount and in respect of such period as is prescribed; and
 (b) disallowance of all or of such part as is prescribed of the remuneration of an external administrator of a company; and
 (c) the removal from office of an external administrator of a company by the Court; and
 (d) the payment by an external administrator of a company of any expenses occasioned by reason of his or her default;
in cases where an external administrator contravenes or fails to comply with this Division (including Insolvency Practice Rules made under this Division).

Division 70—Information

Subdivision A—Introduction

70‑1  Simplified outline of this Division

      The external administrator of a company must:
             (a) give annual reports of the administration (called annual administrative returns) to ASIC; and
             (b) give a report of the administration to ASIC when the administration ends; and
             (c) keep books of meetings and other company affairs; and
             (d) allow those books to be audited if required to do so; and
             (e) allow access to those books by creditors; and
             (f) give creditors, members and others requested information, documents and reports relating to the administration.
      The committee of inspection (if there is one) may also request information, documents and reports from the external administrator under Division 80.
      If the external administrator does not comply with a request, ASIC may direct the