BANKRUPTCY ACT 1966

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (BANKRUPTCY)  

Note: See section 4A .

PART 2 - REGISTERING AND DISCIPLINING PRACTITIONERS  

Division 40 - Disciplinary and other action  

Subdivision E - Disciplinary action by committee  

SECTION 40-55   DECISION OF THE COMMITTEE  

40-55(1)  
If a registered trustee is referred to a committee under section 40-50 , the committee must decide one or more of the following:


(a) that the trustee should continue to be registered;


(b) that the trustee ' s registration should be suspended for a period, or until the occurrence of an event, specified in the decision;


(c) that the trustee ' s registration should be cancelled;


(d) that the Inspector-General should direct the trustee not to accept any further appointments as trustee, or not to accept any further appointments as trustee during the period specified in the decision;


(e) that the trustee should be publicly admonished or reprimanded;


(f) that a condition specified in the decision should be imposed on the trustee;


(g) that a condition should be imposed on all other registered trustees that they must not allow the trustee to carry out any of the functions or duties, or exercise any of the powers, of a trustee on their behalf (whether as employee, agent, consultant or otherwise) for a period specified in the decision of no more than 10 years;


(h) that the Inspector-General should publish specified information in relation to the committee ' s decision and the reasons for that decision.

40-55(2)  
Without limiting paragraph (1)(f), conditions imposed under that paragraph may include one or more of the following:


(a) a condition that the trustee engage in, or refrain from engaging in, specified conduct;


(b) a condition that the trustee engage in, or refrain from engaging in, specified conduct except in specified circumstances;


(c) a condition that the trustee publish specified information;


(d) a condition that the trustee notify a specified person or class of persons of specified information;


(e) a condition that the trustee publish a specified statement;


(f) a condition that the trustee make a specified statement to a specified person or class of persons.

40-55(3)  
In making its decision, the committee may have regard to:


(a) any information provided to the committee by the Inspector-General; and


(b) any explanation given by the trustee; and


(c) any other information given by the trustee to the committee; and


(d) if the trustee is or was also a registered liquidator under the Corporations Act 2001 - any information in relation to the trustee given to the committee by ASIC or a committee convened under the Insolvency Practice Schedule (Corporations); and


(e) any other matter that the committee considers relevant.




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