Bankruptcy Act 1966
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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.
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