BANKRUPTCY ACT 1966

PART IX - DEBT AGREEMENTS  

Division 8 - Registration of debt agreement administrators etc.  

Subdivision C - Surrender and cancellation of registration as a debt agreement administrator  

SECTION 186K   CANCELLATION OF AN INDIVIDUAL ' S REGISTRATION AS A DEBT AGREEMENT ADMINISTRATOR  

186K(1)   Scope.  

This section applies in relation to an individual if the individual is a registered debt agreement administrator.

186K(2)   Individual no longer passes the basic eligibility test.  

The Inspector-General must cancel the individual ' s registration as a debt agreement administrator if the Inspector-General is satisfied that the individual no longer passes the basic eligibility test.

186K(3)   Other grounds for cancellation of registration.  

The Inspector-General may ask the individual to give the Inspector-General a written explanation why the individual should continue to be registered as a debt agreement administrator, if the Inspector-General has reasonable grounds to believe that:


(a) the individual no longer has the ability (including the knowledge) to satisfactorily perform the duties of an administrator in relation to a debt agreement; or


(b) the individual has failed to properly carry out the duties of an administrator in relation to a debt agreement; or


(c) the individual no longer has the qualifications or experience prescribed by regulations made for the purposes of paragraph 186C(2)(e) ; or


(d) the individual has contravened a condition of the individual ' s registration; or


(e) the individual has ceased to have:


(i) adequate and appropriate professional indemnity insurance; or

(ii) adequate and appropriate fidelity insurance;

against the liabilities that the individual may incur working as a registered debt agreement administrator; or


(f) the individual is not a fit and proper person.

186K(4)  
If:


(a) the Inspector-General does not receive an explanation within 28 days of requesting it; or


(b) receives an explanation, but is not satisfied with it;

the Inspector-General may cancel the individual ' s registration as a debt agreement administrator.

186K(5)   Notice of cancellation.  

If the Inspector-General cancels, under subsection (2) or (4), an individual ' s registration as a debt agreement administrator, the Inspector-General must give the individual written notice of the cancellation, and the reasons for it.

186K(6)   Removal of registration details.  

If the Inspector-General cancels, under subsection (2) or (4), an individual ' s registration as a debt agreement administrator, the Inspector-General must remove the individual ' s registration details from the National Personal Insolvency Index.

186K(7)   Guidelines.  

In deciding whether to cancel, under subsection (2) or (4), an individual ' s registration as a debt agreement administrator, the Inspector-General must have regard to any relevant guidelines in force under section 186Q .

186K(8)   Review.  

If the Inspector-General decides to cancel, under subsection (2) or (4), an individual ' s registration as a debt agreement administrator, the individual may apply to the Administrative Appeals Tribunal for review of the decision.




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