Bankruptcy Act 1966

PART VIII - TRUSTEES

[ CCH Note: Modification Declaration FRLI No F2021L00261 ( Bankruptcy Regulations 2021 : FRLI No F2021L00261, registered on 19 March 2021 and effective from 1 April 2021.)

Part VIII of the Act is modified by inserting Division 1A before Division 1:

Division 1A - Interpretation

SECTION 154A INTERPRETATION
154A
In this Part, in its application to Part X , a reference to a registered trustee includes a reference to a controlling trustee and a trustee of a personal insolvency agreement.

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Division 1 - Appointment and official name

SECTION 155A

155A COMMITTEE ' S DECISION ON AN APPLICATION
(Repealed by No 11 of 2016)

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History

S 155A repealed by No 11 of 2016, s 3 and Sch 1 item 47, effective 1 March 2017. S 155A formerly read:

SECTION 155A COMMITTEE ' S DECISION ON AN APPLICATION
155A(1) Time limit for decision.
Within 60 days of interviewing the applicant, the committee must decide whether the applicant should be registered as a trustee or not.

155A(1A) Exam to assess suitability.
For the purpose of deciding whether the applicant should be registered, the Committee may require the applicant to sit for an exam.
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History

S 155A(1A) inserted by No 131 of 2002 (as amended by No 80 of 2004, s 3 and Sch 7), s 3 and Sch 1 items 131 and 226, applicable to registration applications made after 5 May 2003. For additional provision on the commencement of No 131 of 2002, see note under s 33A.

155A(2) Mandatory decision in favour of registration.
The committee must decide that the applicant should be registered if the committee is satisfied that the applicant:

(a) has the qualifications, experience, knowledge and abilities prescribed by the regulations; and

(b) will take out insurance against liabilities that the applicant may incur working as a registered trustee; and

(c) has not been convicted, within 10 years before making the application, of an offence involving fraud or dishonesty; and

(d) has not been a bankrupt or a party (as debtor) to a debt agreement or Part X administration within 10 years before making the application; and

(e) has not had his or her registration as a trustee cancelled within 10 years before making the application on the ground that:

(i) he or she contravened any conditions imposed by a committee on his or her practice as a registered trustee; or

(ii) he or she failed to exercise the powers of a registered trustee properly; or

(iii) he or she failed to carry out the duties of a registered trustee properly; or

(iv) he or she failed to properly carry out the duties of an administrator in relation to a debt agreement; and

(f) has not had his or her registration as a debt agreement administrator cancelled under section 186K, within 10 years before making the application, on the ground that he or she failed to properly carry out the duties of an administrator in relation to a debt agreement; and

(g) has not had his or her registration as a debt agreement administrator cancelled, within 10 years before making the application, as a result of an order under section 185ZCA.
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S 155A(2) amended by No 44 of 2007, s 3 and Sch 2 item 3, by inserting para (g) at the end, applicable in relation to:

(a) a debt agreement proposal given to the Official Receiver on or after 1 July 2007; and

(b) a debt agreement made as the result of the acceptance of a debt agreement proposal given to the Official Receiver on or after 1 July 2007.

S 155A(2) amended by No 44 of 2007, s 3 and Sch 1 items 8 and 9, by inserting paras (e)(iv) and (f), effective 11 April 2007.

155A(3) Discretion to decide in favour of registration.
If the committee considers that the applicant is suitable to be registered as a trustee, it may decide that the applicant should be registered even if it is not satisfied that the applicant has the qualifications, experience, knowledge and abilities prescribed by the regulations for the purposes of paragraph (2)(a).

155A(4) Mandatory decision against registration.
The committee must decide that the applicant should not be registered if it is satisfied that the applicant:

(a) will not take out insurance against liabilities that the applicant may incur working as a registered trustee; or

(b) has been convicted, within 10 years before making the application, of an offence involving fraud or dishonesty; or

(c) has been a bankrupt or a party (as debtor) to a debt agreement or a Part X administration within 10 years before making the application; or

(d) has had his or her registration as a trustee cancelled within 10 years before making the application on the ground that:

(i) he or she contravened any conditions imposed by a committee on his or her practice as a registered trustee; or

(ii) he or she failed to exercise the powers of a registered trustee properly; or

(iii) he or she failed to carry out the duties of a registered trustee properly; or

(iv) he or she failed to properly carry out the duties of an administrator in relation to a debt agreement; or

(e) has had his or her registration as a debt agreement administrator cancelled under section 186K, within 10 years before making the application, on the ground that he or she failed to properly carry out the duties of an administrator in relation to a debt agreement; or

(f) has had his or her registration as a debt agreement administrator cancelled, within 10 years before making the application, as a result of an order under section 185ZCA.
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History

S 155A(4) amended by No 44 of 2007, s 3 and Sch 2 item 4, by inserting para (f) at the end, applicable in relation to:

(a) a debt agreement proposal given to the Official Receiver on or after 1 July 2007; and

(b) a debt agreement made as the result of the acceptance of a debt agreement proposal given to the Official Receiver on or after 1 July 2007.

S 155A(4) amended by No 44 of 2007, s 3 and Sch 1 items 10 and 11, by inserting paras (d)(iv) and (e), effective 11 April 2007.

155A(4A) [Ability to perform duties satisfactorily]
The Committee must decide that the applicant should not be registered if the Committee is not satisfied that the applicant has the ability (including knowledge) to perform satisfactorily the duties of a registered trustee.
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History

S 155A(4A) inserted by No 131 of 2002 (as amended by No 80 of 2004, s 3 and Sch 7), s 3 and Sch 1 items 132 and 226, applicable to registration applications made after 5 May 2003. For additional provision on the commencement of No 131 of 2002, see note under s 33A.

155A(5) Conditions on registration.
If the committee decides that the applicant should be registered, it may decide that specified conditions should apply to the applicant ' s practice as a registered trustee.

155A(6) Report of decision.
The committee must give the applicant and the Inspector-General a report on all of its decisions relating to the application, and the reasons for them.

155A(7) Review of decision.
The applicant may apply to the Administrative Appeals Tribunal for review of a decision of the committee.

S 155A substituted by No 44 of 1996, Sch 1, Pt 1(283).

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