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 186L   CANCELLATION OF A COMPANY ' S REGISTRATION AS A DEBT AGREEMENT ADMINISTRATOR  

186L(1)   Scope.  

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

186L(2)   Company no longer passes the basic eligibility test.  

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

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

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


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


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


(c) the company has contravened a condition of the company ' s registration; or


(d) the company has ceased to have:


(i) adequate and appropriate professional indemnity insurance; or

(ii) adequate and appropriate fidelity insurance;

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


(e) the company is not a fit and proper person; or


(f) a director of the company is not a fit and proper person.

186L(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 company ' s registration as a debt agreement administrator.

186L(5)   Notice of cancellation.  

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

186L(6)   Removal of registration details.  

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

186L(7)   Guidelines.  

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

186L(8)   Review.  

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




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