Bankruptcy Act 1966

PART IX - DEBT AGREEMENTS  

Division 8 - Registration of debt agreement administrators etc.  

Subdivision C - Surrender and cancellation of registration as a debt agreement administrator  

SECTION 186L   CANCELLATION OF A COMPANY ' S REGISTRATION AS A DEBT AGREEMENT ADMINISTRATOR  

Scope

186L(1)    
This section applies in relation to a company if the company is a registered debt agreement administrator.

Company no longer passes the basic eligibility test

186L(2)    
The Inspector-General must cancel the company ' s registration as a debt agreement administrator if the Inspector-General is satisfied that the company no longer passes the basic eligibility test.

Other grounds for cancellation of registration

186L(3)    
The Inspector-General may ask the company to give the Inspector-General a written explanation why the company should continue to be registered as a debt agreement administrator, if the Inspector-General has reasonable grounds to believe that:

(a)    the company no longer has the ability to satisfactorily perform the duties of an administrator in relation to a debt agreement; or

(b)    the company has failed to properly carry out the duties of an administrator in relation to a debt agreement; or

(c)    the company has contravened a condition of the company ' s registration; or

(d)    

the company has ceased to have:

(i) adequate and appropriate professional indemnity insurance; or

(ii) adequate and appropriate fidelity insurance;

against the liabilities that the company may incur working as a registered debt agreement administrator; or

(e)    

the company is not a fit and proper person; or

(f)    

a director of the company is not a fit and proper person.

186L(4)    
If:

(a)    the Inspector-General does not receive an explanation within 28 days of requesting it; or

(b)    receives an explanation, but is not satisfied with it;

the Inspector-General may cancel the company ' s registration as a debt agreement administrator.

Notice of cancellation

186L(5)    
If the Inspector-General cancels, under subsection (2) or (4) , a company ' s registration as a debt agreement administrator, the Inspector-General must give the company written notice of the cancellation, and the reasons for it.

Removal of registration details

186L(6)    
If the Inspector-General cancels, under subsection (2) or (4) , a company ' s registration as a debt agreement administrator, the Inspector-General must remove the company ' s registration details from the National Personal Insolvency Index.

Guidelines

186L(7)    
In deciding whether to cancel, under subsection (2) or (4) , a company ' s registration as a debt agreement administrator, the Inspector-General must have regard to any relevant guidelines in force under section 186Q .

Review

186L(8)    

If the Inspector-General decides to cancel, under subsection (2) or (4) , a company ' s registration as a debt agreement administrator, the company may apply to the Administrative Review Tribunal for review of the decision.