Bankruptcy Amendment (Debt Agreement Reform) Act 2018 (118 of 2018)
Schedule 3 Registered debt agreement administrators
Part 1 Applications for registration
Bankruptcy Act 1966
7 Subsection 186C(3)
Repeal the subsection, substitute:
(3) If:
(a) the applicant is an individual; and
(b) the application is by way of renewal;
the Inspector-General must approve the application if the Inspector-General is satisfied that the applicant:
(c) 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 debt agreement administrator; and
(d) does not owe more than the prescribed amount of notified estate charges.
Otherwise the Inspector-General must refuse to approve the application.
Note: For notified estate charge , see subsection (5A).
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