Commonwealth Consolidated Acts

BANKRUPTCY ACT 1966 - SECT 185LE

             (1)  An administrator of a debt agreement must:

                     (a)  keep such accounts, books and records as are necessary to give a full and correct account of the administration of the debt agreement; and

                     (b)  if required to do so by the Inspector-General--make those accounts and records available for inspection by the Inspector-General; and

                     (c)  if required to do so by the Inspector-General--answer any inquiries about the debt agreement; and

                     (d)  cooperate with any inquiry or investigation made by the Inspector-General under paragraph 12(1)(bb).

             (2)  If an administrator of one or more debt agreements is to be remunerated under those debt agreements, the administrator must:

                     (a)  maintain a separate record of:

                              (i)  money received by the administrator from the debtors in relation to those debt agreements; and

                             (ii)  payments made by the administrator in relation to those debt agreements; and

                            (iii)  the balance of money held by the administrator in relation to those debt agreements; and

                     (b)  if the administrator maintains an account under subsection 185LD(1)--at least once every 45 days, reconcile the balance held in the subsection 185LD(1) account with the corresponding record maintained under paragraph (a).