Bankruptcy Act 1966
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Hide history noteThis section applies in relation to a company if the company is a registered debt agreement administrator.
186L(2) Company no longer passes the basic eligibility test.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.
186L(3) Other grounds for cancellation of registration.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.
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.
186L(5) Notice of cancellation.
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.
186L(6) Removal of registration details.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.
186L(7) Guidelines.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 .
186L(8) Review.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 Appeals Tribunal for review of the decision.
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