70‑1 Time for complying with reasonable 70‑1 Time for complying with reasonable requests

70‑1 Time for complying with reasonable requests

(1) This section is made for the purposes of section 70‑50 of the Insolvency Practice Schedule (Bankruptcy). (2) Subject to subsections (3) and (5), if a trustee of a regulated debtor’s estate receives a request for information or a report or document under Division 70 of the Insolvency Practice Schedule (Bankruptcy), the trustee must send the information, report or document within: (a) 5 business days after receiving the request; or (b) such later period as agreed with the person or body making the request. (3) If the trustee is reasonably satisfied that, due to the nature of the request, an extension of time is required to comply with it, the trustee may, by written notice, extend the period for compliance. (4) The notice must: (a) be given to the person or body making the request; and (b) specify the period within which the request will be complied with; and (c) specify the reasons for the extension. (5) This section does not apply if, under the Act or these Rules, it is not reasonable for the trustee of a regulated debtor’s estate to comply with the request.