Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1A) For the purposes of considering an application made under section 186B, the Inspector - General must interview the applicant as soon as practicable after receiving the application.
(1) Within 45 business days after interviewing the applicant, the Inspector - General must:
(a) approve the application; or
(b) refuse to approve the application.
Approval of application made by an individual
(a) the applicant is an individual; and
(b) the application is not by way of renewal;
the Inspector - General must approve the application if the Inspector - General is satisfied that the applicant:
(c) passes the basic eligibility test; and
(d) has the ability (including the knowledge) to satisfactorily perform the duties of an administrator in relation to debt agreements; and
(e) has such qualifications and experience (if any) as are prescribed by the regulations; and
(f) has produced evidence in writing to the Inspector - General that the applicant has taken out:
(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
(g) is a fit and proper person.
Otherwise the Inspector - General must refuse to approve the application.
(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).
Approval of application made by a company
(a) the applicant is a company; and
(b) the application is not by way of renewal;
the Inspector - General must approve the application if the Inspector - General is satisfied that:
(c) the applicant passes the basic eligibility test; and
(d) the applicant has the ability to satisfactorily perform the duties of an administrator in relation to debt agreements; and
(e) the applicant has produced evidence in writing to the Inspector - General that the applicant has taken out:
(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
(f) the applicant is a fit and proper person; and
(g) each director of the company is a fit and proper person.
Otherwise the Inspector - General must refuse to approve the application.
(a) the applicant is a company; and
(b) the application is by way of renewal;
the Inspector - General must approve the application if the Inspector - General is satisfied that:
(c) 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 debt agreement administrator; and
(d) the applicant 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).
When a notified estate charge is owed
(5A) 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 1 month and 10 business days before the person's registration as a debt agreement administrator ceases to be in force.
(6) In deciding whether to approve an application made under section 186B, the Inspector - General must have regard to any relevant guidelines in force under section 186Q.
Notice of decision
(7) If the Inspector - General refuses to approve an application made under section 186B, the Inspector - General must give the applicant a written notice of the refusal, and the reasons for it.
(8) If the Inspector - General decides to refuse to approve an application made under section 186B, the applicant may apply to the Administrative Appeals Tribunal for review of the decision.
(9) If the Inspector - General approves an application under section 186B, the Inspector - General may decide that, if the applicant is registered as a debt agreement administrator under section 186D, the applicant's registration as a debt agreement administrator is subject to specified conditions.
(10) If the Inspector - General makes a decision under subsection (9), the Inspector - General must give the applicant a written notice of the decision and the reasons for it.
(11) If the Inspector - General makes a decision under subsection (9), the applicant may apply to the Administrative Appeals Tribunal for review of the decision.
(12) In subsection (11):
"decision" has the same meaning as in the
Administrative Appeals Tribunal Act 1975 .