Bankruptcy Act 1966

PART IX - DEBT AGREEMENTS  

Division 8 - Registration of debt agreement administrators etc.  

Subdivision B - Registration of debt agreement administrators  

SECTION 186C   INSPECTOR-GENERAL MUST APPROVE OR REFUSE TO APPROVE REGISTRATION APPLICATION  

186C(1A)    

For the purposes of considering an application made under section 186B , the Inspector-General must interview the applicant as soon as practicable after receiving the application.

186C(1)    

Within 45 business days after interviewing the applicant, the Inspector-General must:

(a)    approve the application; or

(b)    refuse to approve the application.

Approval of application made by an individual

186C(2)    
If:

(a)    the applicant is an individual; and

(b)    the application is not by way of renewal;

the Inspector-General must approve the application if the Inspector-General is satisfied that the applicant:

(c)    passes the basic eligibility test; and

(d)    has the ability (including the knowledge) to satisfactorily perform the duties of an administrator in relation to debt agreements; and

(e)    

has such qualifications and experience (if any) as are prescribed by the regulations; and

(f)    

has produced evidence in writing to the Inspector-General that the applicant has taken out:

(i) adequate and appropriate professional indemnity insurance; and

(ii) adequate and appropriate fidelity insurance;

against the liabilities that the applicant may incur working as a registered debt agreement administrator; and

(g)    

is a fit and proper person.

Otherwise the Inspector-General must refuse to approve the application.

186C(3)    

If:

(a)    the applicant is an individual; and

(b)    the application is by way of renewal;

the Inspector-General must approve the application if the Inspector-General is satisfied that the applicant:

(c)    has produced evidence in writing to the Inspector-General that the applicant maintains:

(i) adequate and appropriate professional indemnity insurance; and

(ii) adequate and appropriate fidelity insurance;

against the liabilities that the applicant may incur working as a registered debt agreement administrator; and

(d)    does not owe more than the prescribed amount of notified estate charges.

Otherwise the Inspector-General must refuse to approve the application.

Note:

For notified estate charge , see subsection (5A) .

Approval of application made by a company

186C(4)    

If:

(a)    the applicant is a company; and

(b)    the application is not by way of renewal;

the Inspector-General must approve the application if the Inspector-General is satisfied that:

(c)    

the applicant passes the basic eligibility test; and

(d)    

the applicant has the ability to satisfactorily perform the duties of an administrator in relation to debt agreements; and

(e)    

the applicant has produced evidence in writing to the Inspector-General that the applicant has taken out:

(i) adequate and appropriate professional indemnity insurance; and

(ii) adequate and appropriate fidelity insurance;

against the liabilities that the applicant may incur working as a registered debt agreement administrator; and

(f)    

the applicant is a fit and proper person; and

(g)    

each director of the company is a fit and proper person.

Otherwise the Inspector-General must refuse to approve the application.

186C(5)    

If:

(a)    the applicant is a company; and

(b)    the application is by way of renewal;

the Inspector-General must approve the application if the Inspector-General is satisfied that:

(c)    the applicant has produced evidence in writing to the Inspector-General that the applicant maintains:

(i) adequate and appropriate professional indemnity insurance; and

(ii) adequate and appropriate fidelity insurance;

against the liabilities that the applicant may incur working as a registered debt agreement administrator; and

(d)    the applicant does not owe more than the prescribed amount of notified estate charges.

Otherwise the Inspector-General must refuse to approve the application.

Note:

For notified estate charge , see subsection (5A) .

When a notified estate charge is owed

186C(5A)    

A person owes a notified estate charge if:

(a)    the person owes either of the following:

(i) a charge under the Bankruptcy (Estate Charges) Act 1997 (the estate charge );

(ii) a penalty under section 281 (late payment penalty) of this Act in respect of that charge; and

(b)    the Inspector-General notified the person of the unpaid estate charge at least 1 month and 10 business days before the person ' s registration as a debt agreement administrator ceases to be in force.

Guidelines

186C(6)    
In deciding whether to approve an application made under section 186B , the Inspector-General must have regard to any relevant guidelines in force under section 186Q .

Notice of decision

186C(7)    
If the Inspector-General refuses to approve an application made under section 186B , the Inspector-General must give the applicant a written notice of the refusal, and the reasons for it.

Review

186C(8)    

If the Inspector-General decides to refuse to approve an application made under section 186B , the applicant may apply to the Administrative Review Tribunal for review of the decision.

Conditions of registration

186C(9)    
If the Inspector-General approves an application under section 186B , the Inspector-General may decide that, if the applicant is registered as a debt agreement administrator under section 186D , the applicant ' s registration as a debt agreement administrator is subject to specified conditions.

186C(10)    
If the Inspector-General makes a decision under subsection (9) , the Inspector-General must give the applicant a written notice of the decision and the reasons for it.

186C(11)    

If the Inspector-General makes a decision under subsection (9) , the applicant may apply to the Administrative Review Tribunal for review of the decision.

186C(12)    

In subsection (11) :

decision
has the same meaning as in the Administrative Review Tribunal Act 2024 .