Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) This section is made for the purposes of section 75 - 15 of the Insolvency Practice Schedule (Bankruptcy) and applies if:
(a) a direction to convene a meeting of the creditors is given to the trustee of a regulated debtor's estate under Division 75 of the Insolvency Practice Schedule (Bankruptcy); and
(b) under the Act or these Rules, it is not reasonable for the trustee to comply with the direction.
(2) The trustee must:
(a) notify the person or body giving the direction that it is not reasonable for the trustee to comply with the direction, and of the reasons why it is not reasonable; and
(b) make a written record in the books required to be kept under section 70 - 10 of the Insolvency Practice Schedule (Bankruptcy) of the fact that the direction was not complied with, and of the reasons.