Insolvency Law Reform Act 2016 (11 of 2016)

Schedule 1   Amendments relating to the Insolvency Practice Schedule (Bankruptcy)

Part 3   Transition to the Insolvency Practice Schedule (Bankruptcy)

Division 2   Application of Part 2 of the Insolvency Practice Schedule (Bankruptcy) and related consequential amendments

Subdivision A   Registering trustee

112   Old Act registrant chooses not to renew

Application of this item

(1) This item applies if an old Act registrant does not apply for renewal of his or her registration under the Insolvency Practice Schedule (Bankruptcy) before his or her period of registration under subitem 107(1) ends (the expiry day ).

Old Act registrant may not accept further appointments after registration expires

(2) The old Act registrant is taken to be registered as a trustee under Subdivision B of Division 20 of the Insolvency Practice Schedule (Bankruptcy) after the expiry day, subject to a condition that he or she must not accept any further appointments as trustee of an estate.

(3) That condition is a current condition imposed on the old Act registrant.

Registration cancelled once current administrations completed

(4) On the day immediately after the end of the administration of all estates for which the old Act registrant is appointed as trustee:

(a) the old Act registrant is taken to have lodged a request in the approved form in accordance with paragraph 40-30(1)(g) of the Insolvency Practice Schedule (Bankruptcy) to have his or her registration as a trustee cancelled; and

(b) the Inspector-General is taken to have cancelled the registration under subsection 40-30(1) of the Insolvency Practice Schedule (Bankruptcy).