Commonwealth Consolidated Acts

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BANKRUPTCY ACT 1966 - SECT 186K

Cancellation of an individual's registration as a debt agreement administrator

Scope

             (1)  This section applies in relation to an individual if the individual is a registered debt agreement administrator.

Individual no longer passes the basic eligibility test

             (2)  The Inspector-General must cancel the individual's registration as a debt agreement administrator if the Inspector-General is satisfied that the individual no longer passes the basic eligibility test.

Other grounds for cancellation of registration

             (3)  The Inspector-General may ask the individual to give the Inspector-General a written explanation why the individual should continue to be registered as a debt agreement administrator, if the Inspector-General has reasonable grounds to believe that:

                     (a)  the individual no longer has the ability (including the knowledge) to satisfactorily perform the duties of an administrator in relation to a debt agreement; or

                     (b)  the individual has failed to properly carry out the duties of an administrator in relation to a debt agreement; or

                     (c)  the individual no longer has the qualifications or experience prescribed by regulations made for the purposes of paragraph 186C(2)(e); or

                     (d)  the individual has contravened a condition of the individual's registration; or

                     (e)  the individual has ceased to have:

                              (i)  adequate and appropriate professional indemnity insurance; or

                             (ii)  adequate and appropriate fidelity insurance;

                            against the liabilities that the individual may incur working as a registered debt agreement administrator; or

                      (f)  the individual is not a fit and proper person.

             (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 individual's registration as a debt agreement administrator.

Notice of cancellation

             (5)  If the Inspector-General cancels, under subsection (2) or (4), an individual's registration as a debt agreement administrator, the Inspector-General must give the individual written notice of the cancellation, and the reasons for it.

Removal of registration details

             (6)  If the Inspector-General cancels, under subsection (2) or (4), an individual's registration as a debt agreement administrator, the Inspector-General must remove the individual's registration details from the National Personal Insolvency Index.

Guidelines

             (7)  In deciding whether to cancel, under subsection (2) or (4), an individual's registration as a debt agreement administrator, the Inspector-General must have regard to any relevant guidelines in force under section 186Q.

Review

             (8)  If the Inspector-General decides to cancel, under subsection (2) or (4), an individual's registration as a debt agreement administrator, the individual may apply to the Administrative Appeals Tribunal for review of the decision.



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