42‑30 Preliminary inquiries and actions42‑30 Preliminary inquiries and actions

42‑30 Preliminary inquiries and actions

A registered trustee must undertake preliminary inquiries and actions at the start of each administration, including the following: (a) informing the regulated debtor (or legal personal representative in the case of a deceased debtor) of the debtor’s obligations under the Act and the penalties for failing to comply with those obligations; (b) obtaining and reviewing the statement of affairs of the regulated debtor; (c) if necessary, interviewing the regulated debtor (or legal personal representative in the case of a deceased debtor) to clarify any matters in the statement of affairs; (d) identifying and making an assessment of realisable assets that could be expected to: (i) provide, on a cost‑benefit basis, a return to creditors; or (ii) contribute to the payment of the costs and fees of the administration; (e) assessing the contribution that the regulated debtor is liable to pay in respect of a contribution assessment period, calculated in accordance with section 139S of the Act; (f) determining the likelihood of whether the estate of the regulated debtor includes property that can be realised to pay a dividend to creditors; (g) if the trustee has a genuine reason for believing that the regulated debtor (or legal personal representative in the case of a deceased debtor) may not have disclosed an interest in real or other registered property—conducting appropriate searches for such property; (h) if information obtained from a search mentioned in paragraph (g) shows that the regulated debtor (or legal personal representative of the deceased debtor) has not made full and true disclosure of his or her interest in property: (i) making inquiries of third parties about the information; or (ii) if further inquiries are not made, explaining to the creditors why further inquiries were considered unnecessary; (i) if the trustee considers that there may have been antecedent transactions—making inquiries of third parties to identify those transactions; (j) cooperating with the Inspector‑General by, for example, responding to reasonable requests for information.