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 A - Introduction  

SECTION 40-1   SIMPLIFIED OUTLINE OF THIS DIVISION  

Remedying failure to lodge documents or give information or documents

The Inspector-General may direct a registered trustee to comply with a requirement to lodge a document, or give any information or document, to the Inspector-General. If the trustee fails to comply with the direction, the Inspector-General can direct that the trustee accept no further appointments or seek an order from the Court directing the trustee to comply.

Correcting and completing information given to the Inspector-General

If the Inspector-General reasonably suspects that information that a registered trustee is required to give the Inspector-General under this Act is incomplete or inaccurate, the Inspector-General can direct the trustee to confirm, complete or correct the information. The Inspector-General can also direct the trustee to tell someone about the defect in the information. If the trustee fails to comply with a direction, the Inspector-General can direct that the trustee accept no further appointments or seek an order from the Court directing the trustee to comply.

Other grounds for a direction not to accept further appointments

There are other grounds on which the Inspector-General can issue a direction not to accept further appointments, for example, if the registered trustee fails to comply with a direction to convene a meeting.

Suspending or cancelling registration

An individual ' s registration as a trustee can be suspended or cancelled.

The registration is automatically cancelled if the registered trustee becomes an insolvent under administration or dies.

In some circumstances, the Inspector-General can suspend or cancel the registration of a person as a trustee. The Inspector-General can also give a registered trustee notice to show-cause why the trustee should continue to be registered. If the Inspector-General is not satisfied with the answer, the Inspector-General can refer the matter to a committee which will make a decision on what action should be taken.

An industry body can give the Inspector-General notice of possible grounds for disciplinary action.

If a registration is suspended, the trustee can apply to the Inspector-General to have the suspension lifted or shortened.

A decision about the suspension or cancellation of the registration of a trustee is reviewable by the Administrative Appeals Tribunal (see Division 96 of this Schedule).


 

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