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ARTICLE · 12 APRIL 2019

Administrators and liquidators must take information requests seriously: Cost consequences for non-compliance

Cooper Grace Ward
Cooper Grace Ward
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This is practical guidance for external administrators in responding to information requests from creditors and others.

AustraliaInsolvency/Bankruptcy/Re-Structuring
Graham Roberts
Graham Roberts
Rocco Russo
Rocco Russo
Ben Williams
Ben Williams
Mali Karunaratne
Mali Karunaratne
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In the recent case of 1st Fleet Pty Ltd (in liquidation), the Court clarified the information disclosure obligations of external administrators in the Insolvency Practice Schedule (Corporations) (IPSC) and Insolvency Practice Rules (Corporations) 2016 (Rules).

There is only a short time period for compliance, and there can be cost consequences for non compliance.

The decision provides practical guidance to external administrators in responding to information requests from creditors and other interested parties, including the Commonwealth.

Background

The information disclosure provisions in Division 70 of the IPSC apply to ‘external administrators’ of a company, including administrators and liquidators.

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© Cooper Grace Ward Lawyers

Cooper Grace Ward is a leading Australian law firm based in Brisbane.

This publication is for information only and is not legal advice. You should obtain advice that is specific to your circumstances and not rely on this publication as legal advice. If there are any issues you would like us to advise you on arising from this publication, please contact Cooper Grace Ward Lawyers.

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