75‑255 Notice requirements for unreasona75‑255 Notice requirements for unreasonable directions

75‑255 Notice requirements for unreasonable directions

(1) This section is made for the purposes of section 75‑15 of the Insolvency Practice Schedule (Bankruptcy) and applies if: (a) a direction to convene a meeting of the creditors is given to the trustee of a regulated debtor’s estate under Division 75 of the Insolvency Practice Schedule (Bankruptcy); and (b) under the Act or these Rules, it is not reasonable for the trustee to comply with the direction. (2) The trustee must: (a) notify the person or body giving the direction that it is not reasonable for the trustee to comply with the direction, and of the reasons why it is not reasonable; and (b) make a written record in the books required to be kept under section 70‑10 of the Insolvency Practice Schedule (Bankruptcy) of the fact that the direction was not complied with, and of the reasons.