Bankruptcy Act 1966

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (BANKRUPTCY)  

Note: See section 4A .

PART 2 - REGISTERING AND DISCIPLINING PRACTITIONERS  

Division 35 - Notice requirements  

SECTION 35-1   NOTICE OF SIGNIFICANT EVENTS  

Registered trustee must lodge notice

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.