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 G - Action initiated by industry body  

SECTION 40-100   NOTICE BY INDUSTRY BODIES OF POSSIBLE GROUNDS FOR DISCIPLINARY ACTION  

Industry body may lodge notice

40-100(1)    
An industry body may lodge with the Inspector-General a notice in the approved form (an industry notice ):

(a)    stating that the body reasonably suspects that there are grounds for the Inspector-General:

(i) to suspend the registration of a registered trustee under section 40-25 ; or

(ii) to cancel the registration of a registered trustee under section 40-30 ; or

(iii) to give a registered trustee a notice under section 40-40 (a show-cause notice); or

(iv) to impose a condition on a registered trustee under another provision of this Schedule; and

(b)    identifying the registered trustee; and

(c)    including the information and copies of any documents upon which the suspicion is founded.

Inspector-General must consider information and documents

40-100(2)    
The Inspector-General must consider the information and the copies of any documents included with the industry notice.

Inspector-General must give notice if no action to be taken

40-100(3)    
If, after such consideration, the Inspector-General decides to take no action in relation to the matters raised by the industry notice, the Inspector-General must give the industry body written notice of that fact.

45 business days to consider and decide

40-100(4)    
The consideration of the information and the copies of any documents included with the industry notice must be completed and, if the Inspector-General decides to take no action, a notice under subsection (3) given, within 45 business days after the industry notice is lodged.

Inspector-General not precluded from taking action

40-100(5)    
The Inspector-General is not precluded from:

(a)    suspending the registration of a registered trustee under section 40-25 ; or

(b)    cancelling the registration of a registered trustee under section 40-30 ; or

(c)    giving a registered trustee a notice under section 40-40 (a show-cause notice); or

(d)    imposing a condition on a registered trustee under another provision of this Schedule;

wholly or partly on the basis of information or a copy of a document included with the industry notice, merely because the Inspector-General has given a notice under subsection (3) in relation to the matters raised by the industry notice.

Notice to industry body if Inspector-General takes action

40-100(6)    
If the Inspector-General does take action of the kind mentioned in subsection (5) wholly or partly on the basis of information or a copy of a document included with the industry notice, the Inspector-General must give the industry body notice of that fact.

Notices are not legislative instruments

40-100(7)    
A notice under subsection (3) or (6) is not a legislative instrument.