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).