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BANKRUPTCY ACT 1966 - SECT 186L

Cancellation of a company's registration as a debt agreement administrator

Scope

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

Company no longer passes the basic eligibility test

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

Other grounds for cancellation of registration

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

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

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

  (c)   the company has contravened a condition of the company's registration; or

  (d)   the company has ceased to have:

  (i)   adequate and appropriate professional indemnity insurance; or

  (ii)   adequate and appropriate fidelity insurance;

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

  (e)   the company is not a fit and proper person; or

  (f)   a director of the company 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 company's registration as a debt agreement administrator.

Notice of cancellation

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

Guidelines

  (7)   In deciding whether to cancel, under subsection   (2) or (4), a company'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), a company's registration as a debt agreement administrator, the company may apply to the Administrative Appeals Tribunal for review of the decision.



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