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BANKRUPTCY ACT 1966 - SECT 186LA

Inspector - General may obtain information about debt agreement administration trust accounts

Scope

  (1)   This section applies to a bank if:

  (a)   the Inspector - General believes on reasonable grounds that:

  (i)   a person who is or was an administrator of a debt agreement holds or held an account with the bank; and

  (ii)   the account was kept, or purportedly kept, in compliance with subsection   185LD(1); and

  (b)   the Inspector - General has asked the person:

  (i)   under subsection   186K(3) or 186L(3), to give the Inspector - General a written explanation why the person should continue to be registered as a debt agreement administrator; or

  (ii)   under subsection   40 - 40(1) of Schedule   2, to give the Inspector - General a written explanation why the person should continue to be registered as a trustee; and

  (c)   if subparagraph   (b)(ii) applies--the Inspector - General asked for the explanation on the basis of paragraph   40 - 40(1)(m) of Schedule   2.

  (1A)   This section also applies to a bank if:

  (a)   the Inspector - General believes on reasonable grounds that:

  (i)   a person who is or was an administrator of a debt agreement holds or held an account with the bank; and

  (ii)   the account was kept, or purportedly kept, in compliance with subsection   185LD(1); and

  (b)   the Inspector - General reasonably suspects that, in connection with the account, the person has:

  (i)   contravened a provision of this Act; or

  (ii)   failed to properly carry out the duties of an administrator in relation to the debt agreement; or

  (iii)   contravened a condition of the person's registration as a registered debt agreement administrator.

Requirement

  (2)   The Inspector - General may, by written notice given to the bank, require the bank to give to the Inspector - General, within the period and in the manner specified in the notice, such information about the account as is specified in the notice.

Offence

  (3)   A person commits an offence if:

  (a)   the person has been given a notice under subsection   (2); and

  (b)   the person omits to do an act; and

  (c)   the omission contravenes a requirement in the notice.

Penalty for contravention of this subsection:   60 penalty units.


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