Section 186LA — Bankruptcy Act 1966: 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.