BANKRUPTCY ACT 1966

PART IX - DEBT AGREEMENTS  

Division 8 - Registration of debt agreement administrators etc.  

Subdivision B - Registration of debt agreement administrators  

SECTION 186C   INSPECTOR-GENERAL MUST APPROVE OR REFUSE TO APPROVE REGISTRATION APPLICATION  

186C(1A)  


For the purposes of considering an application made under section 186B , the Inspector-General must interview the applicant as soon as practicable after receiving the application.

186C(1)  


Within 45 business days after interviewing the applicant, the Inspector-General must:


(a) approve the application; or


(b) refuse to approve the application.

186C(2)   Approval of application made by an individual.  

If:


(a) the applicant is an individual; and


(b) the application is not by way of renewal;

the Inspector-General must approve the application if the Inspector-General is satisfied that the applicant:


(c) passes the basic eligibility test; and


(d) has the ability (including the knowledge) to satisfactorily perform the duties of an administrator in relation to debt agreements; and


(e) has such qualifications and experience (if any) as are prescribed by the regulations; and


(f) has produced evidence in writing to the Inspector-General that the applicant has taken out:


(i) adequate and appropriate professional indemnity insurance; and

(ii) adequate and appropriate fidelity insurance;

against the liabilities that the applicant may incur working as a registered debt agreement administrator; and


(g) is a fit and proper person.

Otherwise the Inspector-General must refuse to approve the application.

186C(3)  


If:


(a) the applicant is an individual; and


(b) the application is by way of renewal;

the Inspector-General must approve the application if the Inspector-General is satisfied that the applicant:


(c) has produced evidence in writing to the Inspector-General that the applicant maintains:


(i) adequate and appropriate professional indemnity insurance; and

(ii) adequate and appropriate fidelity insurance;

against the liabilities that the applicant may incur working as a registered debt agreement administrator; and


(d) does not owe more than the prescribed amount of notified estate charges.

Otherwise the Inspector-General must refuse to approve the application.

Note:

For notified estate charge , see subsection (5A).

186C(4)   Approval of application made by a company.  

If:


(a) the applicant is a company; and


(b) the application is not by way of renewal;

the Inspector-General must approve the application if the Inspector-General is satisfied that:


(c) the applicant passes the basic eligibility test; and


(d) has the applicant the ability to satisfactorily perform the duties of an administrator in relation to debt agreements; and


(e) the applicant has produced evidence in writing to the Inspector-General that the applicant has taken out:


(i) adequate and appropriate professional indemnity insurance; and

(ii) adequate and appropriate fidelity insurance;

against the liabilities that the applicant may incur working as a registered debt agreement administrator; and


(f) the applicant is a fit and proper person; and


(g) each director of the company is a fit and proper person.

Otherwise the Inspector-General must refuse to approve the application.

186C(5)  


If:


(a) the applicant is a company; and


(b) the application is by way of renewal;

the Inspector-General must approve the application if the Inspector-General is satisfied that:


(c) the applicant has produced evidence in writing to the Inspector-General that the applicant maintains:


(i) adequate and appropriate professional indemnity insurance; and

(ii) adequate and appropriate fidelity insurance;

against the liabilities that the applicant may incur working as a registered debt agreement administrator; and


(d) the applicant does not owe more than the prescribed amount of notified estate charges.

Otherwise the Inspector-General must refuse to approve the application.

Note:

For notified estate charge , see subsection (5A).

When a notified estate charge is owed

186C(5A)  


A person owes a notified estate charge if:


(a) the person owes either of the following:


(i) a charge under the Bankruptcy (Estate Charges) Act 1997 (the estate charge );

(ii) a penalty under section 281 (late payment penalty) of this Act in respect of that charge; and


(b) the Inspector-General notified the person of the unpaid estate charge at least 1 month and 10 business days before the person ' s registration as a debt agreement administrator ceases to be in force.

186C(6)   Guidelines.  

In deciding whether to approve an application made under section 186B , the Inspector-General must have regard to any relevant guidelines in force under section 186Q .

186C(7)   Notice of decision.  

If the Inspector-General refuses to approve an application made under section 186B , the Inspector-General must give the applicant a written notice of the refusal, and the reasons for it.

186C(8)   Review.  

If the Inspector-General decides to refuse to approve an application made under section 186B , the applicant may apply to the Administrative Appeals Tribunal for review of the decision.

186C(9)   Conditions of registration.  

If the Inspector-General approves an application under section 186B , the Inspector-General may decide that, if the applicant is registered as a debt agreement administrator under section 186D , the applicant ' s registration as a debt agreement administrator is subject to specified conditions.

186C(10)  
If the Inspector-General makes a decision under subsection (9), the Inspector-General must give the applicant a written notice of the decision and the reasons for it.

186C(11)  
If the Inspector-General makes a decision under subsection (9), the applicant may apply to the Administrative Appeals Tribunal for review of the decision.

186C(12)  
In subsection (11):

decision
has the same meaning as in the Administrative Appeals Tribunal Act 1975 .




This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.