Bankruptcy Act 1966

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (BANKRUPTCY)  

Note: See section 4A .

PART 2 - REGISTERING AND DISCIPLINING PRACTITIONERS  

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Division 10 - Introduction  

SECTION 10-1   SIMPLIFIED OUTLINE OF THIS PART  

Registering trustees

An individual may apply to the Inspector-General to be registered as a trustee. The Inspector-General will refer the application to a committee who will consider the applicant ' s qualifications, conduct and fitness and whether the applicant will take out appropriate insurance. Registration may be subject to conditions, is for 3 years and may be renewed.

A registered trustee must:

  • (a) lodge an annual return with the Inspector-General that includes proof that the trustee has appropriate insurance; and
  • (b) give the Inspector-General notice if the trustee ' s circumstances change or if certain other events happen.

    • Disciplining registered trustees

    If a registered trustee fails to comply with certain requirements, such as the requirement to lodge a document or give information, the Inspector-General may give directions that may result in the trustee being unable to accept further appointments. The Inspector-General may also seek a Court order.

    The Inspector-General may suspend or cancel a trustee ' s registration in certain circumstances. The Inspector-General may also give the trustee a show-cause notice. If such a notice is given and no sufficient explanation is given, the Inspector-General may take further disciplinary action on the decision of a committee.

    Industry bodies may notify the Inspector-General where they suspect there are grounds for disciplinary action.

    Court powers

    The Court has broad powers to make orders in relation to registered trustees (including imposing conditions on registration).

     

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