Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) This section is made for the purposes of section 70 - 50 of the Insolvency Practice Schedule (Bankruptcy).
Information about administration and creditors' rights to be given
(2) The trustee of a regulated debtor's estate must give the following information to as many creditors as reasonably practicable:
(a) subject to subsection (2A)--the name, date of birth, address and occupation of the regulated debtor;
(b) in the case of a deceased debtor--the legal personal representative of the debtor;
(c) the business name or name of any associated entity or related entity of the regulated debtor that the trustee is, or should reasonably be, aware of;
(d) the fact that the trustee has been appointed in relation to the regulated debtor's estate;
(e) the date and type of administration;
(f) an outline of matters investigated by the trustee up to the date of the notice is given;
(g) if a statement of affairs of the regulated debtor is available--a summary of the statement;
(h) in relation to a bankrupt--advice about any possible contributions that the bankrupt is liable to pay in respect of a contribution assessment period, calculated in accordance with section 139S of the Act;
(i) any matters the trustee has identified as needing further investigation;
(j) the right of creditors to request information, reports and documents under sections 70 - 40 and 70 - 45 of the Insolvency Practice Schedule (Bankruptcy);
(k) the right of creditors to direct that a meeting of the creditors be held under section 75 - 15 of the Insolvency Practice Schedule (Bankruptcy);
(l) the right of creditors to give directions to the trustee under section 85 - 5 of the Insolvency Practice Schedule (Bankruptcy);
(m) the right of creditors to apply to the Inspector - General for a review of the remuneration received by the trustee under section 90 - 21 of the Insolvency Practice Schedule (Bankruptcy);
(n) the right of creditors to remove and replace the trustee under section 90 - 35 of the Insolvency Practice Schedule (Bankruptcy).
(2AA) However, the trustee does not need to give the information set out in paragraphs (2)(a), (b), (c), (e), (g) and (j) to (n) to a creditor if the trustee is satisfied that the information has already been provided to the creditor by a former trustee.
(2A) The trustee must not give the regulated debtor's address or occupation to the creditors if the Inspector - General has, in accordance with an application made under the regulations, decided to not enter that information on the National Personal Insolvency Index.
Declarations about relevant relationships
(3) The trustee must also give a declaration to as many creditors as reasonably practicable:
(a) stating whether any of the following:
(i) the trustee;
(ii) if the trustee's firm (if any) is a partnership--a partner in that partnership;
(iii) if the trustee's firm (if any) is a body corporate--that body corporate or an associate of that body corporate;
has, or has had within the preceding 24 months, a relationship with:
(iv) the regulated debtor; or
(v) a former trustee of the regulated debtor; and
(b) if so, stating the trustee's reasons for believing that none of those relationships result in the trustee having a conflict of interest or duty.
Time for giving information etc.
(4) The information and declaration must be given:
(a) in writing; and
(b) at the same time as the trustee first communicates with the creditors in relation to the administration of regulated debtor's estate.