Bankruptcy Act 1966

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (BANKRUPTCY)  

Note: See section 4A .

PART 2 - REGISTERING AND DISCIPLINING PRACTITIONERS  

Division 30 - Annual trustee returns  

SECTION 30-1   ANNUAL TRUSTEE RETURNS  

Registered trustee must lodge annual return

30-1(1)    
A person who is a registered trustee during all or part of a trustee return year for the person must, within 1 month after the end of that year, lodge with the Inspector-General a return that conforms with subsection (3) .

30-1(2)    
Each of the following is a trustee return year for a person who is or was registered as a trustee under section 20-30 :

(a)    the period of 12 months beginning on the day on which that registration first began;

(b)    each subsequent period of 12 months.

30-1(3)    
A return under subsection (1) must:

(a)    be in the approved form; and

(b)    include evidence that the person has, during the whole of any period of the year during which the person was registered as a trustee, maintained:

(i) adequate and appropriate professional indemnity insurance; and

(ii) adequate and appropriate fidelity insurance;

against the liabilities that the person may incur working as a registered trustee.

30-1(4)    
The Inspector-General may, on the application of the registered trustee made before the end of the period for lodging a return under subsection (1) , extend, or further extend, that period.

Offence

30-1(5)    
A person commits an offence of strict liability if:

(a)    the person is subject to a requirement under subsection (1) ; and

(b)    the person fails to comply with the requirement.

Penalty: 5 penalty units.

Note:

See also section 277B (about infringement notices).