Bankruptcy Act 1966


Note: See section 4A .


Division 20 - Registering trustees  

Subdivision D - Renewal  

SECTION 20-75   RENEWAL   Renewal of registration

On application under section 20-70 , the Inspector-General must renew the registration of the applicant as a trustee if:

(a) the application is properly made; and

(b) 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 trustee; and

(c) the applicant has complied with any condition dealing with continuing professional education to which the applicant is subject during the applicant ' s current registration; and

(d) the applicant has paid the renewal fee determined by the Minister under subsection 20-70(3) , and any late payment penalty under that subsection; and

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

The Inspector-General renews the registration of the applicant by entering, or maintaining, on the Register of Trustees the details relating to the applicant prescribed for the purposes of subsection 15-1(3) . Registration subject to current conditions

The renewed registration is subject to the current conditions imposed on the registered trustee. Certificate of registration

After renewing the registration of a person as a trustee, the Inspector-General must give the person a certificate of registration.

The certificate may be given electronically. Period of registration

The renewed registration has effect for 3 years, beginning on the day after the person ' s immediately preceding registration as a trustee ceased to have effect. When a notified estate charge is owed

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 one month and 10 business days before the person ' s registration as a trustee ceases to have effect.

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