Bankruptcy Act 1966
Note: See section 4A .PART 2 - REGISTERING AND DISCIPLINING PRACTITIONERS Division 35 - Notice requirements SECTION 35-1 NOTICE OF SIGNIFICANT EVENTS 35-1(1)
A registered trustee must lodge with the Inspector-General a notice, in the approved form, if any of the following events occur:
(a) the trustee becomes an insolvent under administration;
(b) a bankruptcy notice is issued under this Act in relation to the trustee as debtor, or a corresponding notice is issued in relation to the trustee as debtor under a law of an external Territory or a law of a foreign country;
(c) the trustee is convicted of an offence involving fraud or dishonesty;
(d) the trustee is disqualified from managing corporations under Part 2D.6 of the Corporations Act 2001 , or under a law of an external Territory or a law of a foreign country;
(e) the trustee ceases to have:
(i) adequate and appropriate professional indemnity insurance; or
(ii) adequate and appropriate fidelity insurance;
against the liabilities that the trustee may incur working as a registered trustee;
(f) the trustee is issued with a notice under section 40-40 of Schedule 2 to the Corporations Act 2001 (a show-cause notice) in relation to the trustee ' s registration as a liquidator under that Act;
(g) the trustee ' s registration as a liquidator under the Corporations Act 2001 is suspended or cancelled;
(h) any other event prescribed.
The notice must be lodged within 5 business days after the registered trustee could reasonably be expected to be aware that the event has occurred.Offence 35-1(2)
A person commits an offence if:
(a) the person is subject to a requirement under subsection (1); and
(b) the person intentionally or recklessly fails to comply with the requirement.
Penalty: 100 penalty units.