Administrator to keep accounts etc
185LE Administrator to keep accounts etc
An administrator of a debt agreement must:
keep such accounts, books and records as are necessary to give a full and correct account of the administration of the debt agreement; and
if required to do so by the Inspector‑General—make those accounts and records available for inspection by the Inspector‑General; and
if required to do so by the Inspector‑General—answer any inquiries about the debt agreement; and
cooperate with any inquiry or investigation made by the Inspector‑General under paragraph 12(1)(bb).
A person commits an offence of strict liability if:
the person is subject to a requirement under paragraph (1)(a) or (b); and
the person fails to comply with the requirement.
Penalty: 5 penalty units.
If an administrator of one or more debt agreements is to be remunerated under those debt agreements, the administrator must:
maintain a separate record of:
money received by the administrator from the debtors in relation to those debt agreements; and
payments made by the administrator in relation to those debt agreements; and
the balance of money held by the administrator in relation to those debt agreements; and
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).
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