Bankruptcy (Registration and Cancellation of Registration of a Debt Agreement Administrator) Guidelines 2020 (Cth)

COMMONWEALTH OF AUSTRALIA

Bankruptcy Act 1966

Bankruptcy (Registration and Cancellation of Registration of a Debt Agreement Administrator) Guidelines 2020

I, Hamish McCormick, Inspector-General in Bankruptcy, acting under section 186Q of the Bankruptcy Act 1966, repeal the Guidelines Relating to the Registration and Cancellation of a Registered Debt Agreement Administrator (which commenced on 27 June 2019) and make the attached legislative instrument as guidelines for the purposes of sub-sections 186C(6), 186K(7) and 186L(7) of that Act.

These Guidelines commence on 1 January 2021.

Dated this 17 December 2020

HAMISH MCCORMICK

Inspector-General in Bankruptcy

Bankruptcy (Registration and Cancellation of Registration of a Debt Agreement Administrator) Guidelines 2020

1. Introduction

2. Overview of certification and specific duties of administrators

3. Registration

Who needs to become registered?

Who does not need to become registered?

Who can apply Individuals Companies Partnerships Fit and proper assessment Insurance – corporate and individual Insurance – adequate and appropriate

Assessment of ability to satisfactorily perform the duties of an administrator (a) Duties to ensure certificate is correct and properly administer the agreement (c) Ensure creditors and the Official Receiver are informed about default (d) Taking fees and expenses (e) Handling and properly accounting for money (f) Inform the Official Receiver within 5 days from the end of the agreement (g) Consider whether offences under the Act have occurred and refer any evidence of such offences to the Inspector-General

Conditional registration

Industry wide conditions

Mandatory qualifications

4. Cancellation of registration

Involuntary cancellation of an individual's or company's registration Grounds for cancellation

Voluntary cancellation of registration