Bankruptcy Act 1966

SCHEDULE 2 - INSOLVENCY PRACTICE SCHEDULE (BANKRUPTCY)  

Note: See section 4A .

PART 2 - REGISTERING AND DISCIPLINING PRACTITIONERS  

Division 20 - Registering trustees  

Subdivision D - Renewal  

SECTION 20-75   RENEWAL  
Renewal of registration

20-75(1)    
On application under section 20-70 , the Inspector-General must renew the registration of the applicant as a trustee if:

(a)    the application is properly made; and

(b)    the applicant has produced evidence in writing to the Inspector-General that the applicant maintains:

(i) adequate and appropriate professional indemnity insurance; and

(ii) adequate and appropriate fidelity insurance;

against the liabilities that the applicant may incur working as a registered trustee; and

(c)    the applicant has complied with any condition dealing with continuing professional education to which the applicant is subject during the applicant ' s current registration; and

(d)    the applicant has paid the renewal fee determined by the Minister under subsection 20-70(3) , and any late payment penalty under that subsection; and

(e)    the applicant does not owe more than the prescribed amount of notified estate charges.

20-75(2)    
The Inspector-General renews the registration of the applicant by entering, or maintaining, on the Register of Trustees the details relating to the applicant prescribed for the purposes of subsection 15-1(3) .

Registration subject to current conditions

20-75(3)    
The renewed registration is subject to the current conditions imposed on the registered trustee.

Certificate of registration

20-75(4)    
After renewing the registration of a person as a trustee, the Inspector-General must give the person a certificate of registration.

20-75(5)    
The certificate may be given electronically.

Period of registration

20-75(6)    
The renewed registration has effect for 3 years, beginning on the day after the person ' s immediately preceding registration as a trustee ceased to have effect.

When a notified estate charge is owed

20-75(7)    
A person owes a notified estate charge if:

(a)    the person owes either of the following:

(i) a charge under the Bankruptcy (Estate Charges) Act 1997 (the estate charge );

(ii) a penalty under section 281 (late payment penalty) of this Act in respect of that charge; and

(b)    the Inspector-General notified the person of the unpaid estate charge at least one month and 10 business days before the person ' s registration as a trustee ceases to have effect.