Commonwealth Consolidated Regulations Commonwealth Consolidated Regulationsmade under the
Compilation No. 4
Compilation date: 5 July 2022
Includes amendments up to: F2022L00539
Registered: 12 July 2022
About this compilation
This compilation
This is a compilation of the Insolvency Practice Rules (Bankruptcy) 2016 that shows the text of the law as amended and in force on 5 July 2022 (the compilation date).
The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.
Uncommenced amendments
The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law.
Application, saving and transitional provisions for provisions and amendments
If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
Editorial changes
For more information about any editorial changes made in this compilation, see the endnotes.
Modifications
If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law.
Self-repealing provisions
If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.
Contents
Part 1--Introduction
Division 1--Introduction
1-1 Name
1-10 Authority
Division 5--Definitions
5-5 The Dictionary
5-10 What is a current registration?
5-15 Meaning of material personal interest
Part 2--Registering and disciplining practitioners
Division 15--Register of Trustees
15-1 Register of Trustees
Division 20--Registering trustees
20-1 Qualifications, experience, knowledge and abilities required by applicants for registration
20-5 Conditions on registration of trustees
20-10 Prescribed amount of notified estate charges
Division 35--Notice requirements
35-1 Events of which a registered trustee must notify the Inspector-General
Division 40--Disciplinary and other action
40-1 Industry bodies that may notify the Inspector-General of grounds for disciplinary action
Division 42--Standards for registered trustees
Subdivision AA--Introduction
42-1 Authority
42-4 Purpose of Division
42-4A Compliance with standards by trustee's employees
Subdivision A--Standards for registered trustees generally
42-5 Application of this Subdivision
42-10 Trustees to act honestly and impartially
42-15 Communication
42-20 Conflict of interest
42-30 Preliminary inquiries and actions
42-35 Investigations and inquiries of matters affecting an administration
42-40 Realising assets
42-45 Ownership or interests in assets
42-50 Obtaining advice about interest or value
42-55 Disposal of property
42-60 Costs incurred to be necessary and reasonable
42-65 Rate for tasks undertaken by trustee's staff
42-70 Keeping proper records in relation to work done
42-75 Need for meeting
42-80 Matters to be considered when holding a meeting
42-85 Attendance at meetings
42-90 Verifying payments and transfers
42-95 Separate accounts and records
Subdivision B--Standards for trustees other than controlling trustees
42-120 Application of this Subdivision
42-125 Provable debts in a joint administration
42-130 Creditors' views to be considered
42-135 Distribution of estate funds
42-140 Advice relating to dividends and administration
Subdivision C--Standards for trustees of bankrupt estates
42-170 Application of this Subdivision
42-175 Identifying assets for vesting
42-180 Protecting certain assets
42-185 Income and contribution assessment
42-190 Monitoring payment of contributions
Subdivision D--Standards for controlling trustees
42-210 Application of this Subdivision
42-215 Notification of administration
42-220 Investigating debtor's property and income
42-225 Report to creditors
Division 50--Part 2 committees
50-1 Authority
50-5 Part 2 committee may generally determine its own procedures
50-10 ARITA may appoint a member of a Part 2 committee
50-15 Knowledge and experience required of a member of a Part 2 committee appointed by ARITA
50-20 Chair of a Part 2 committee
50-25 Resignation of Part 2 committee members
50-30 Part 2 committee to be reconstituted--removing ARITA members
50-35 Part 2 committee to be reconstituted--removing members appointed by the Minister
50-40 Part 2 committee to be reconstituted--replacing members
50-45 Termination of consideration, and transfer, of a matter
50-47 Termination of consideration of a matter if no utility
50-50 Duty to disclose interests
50-55 Natural justice and rules of evidence
50-60 Decisions made at a meeting
50-65 Decisions made without a meeting
50-70 Keeping records of decisions
50-75 Inquiries by a Part 2 committee
50-80 Interviewing applicants
50-85 Interviewing trustees--proposed cancellation of registration
50-90 Decisions on disciplinary matters
50-95 Reports of a Part 2 committee
50-100 Industry disciplinary bodies to which a Part 2 committee may disclose information
Part 3--General rules relating to estate administrations
Division 60--Remuneration and other benefits received by the trustee
60-1 Authority
60-5 Circumstances in which the Inspector-General may determine remuneration
60-10 Application to the Inspector-General to determine remuneration
60-15 Matters to which the Inspector-General must have regard
60-17 Notice of remuneration determination by Inspector-General
60-20 Remuneration on a percentage basis--maximum percentage
60-25 Trustee must not derive profit or advantage from the administration of the estate--exceptions
Division 65--Funds handling
Subdivision A--General rules
65-1 Administration account
65-5 Penalty interest
Subdivision B--Review of third party bill of costs
65-20 Application to Inspector-General for review of third party bill of costs
65-25 Application to Court for review of Inspector-General decision
Division 70--Information
70-1 Time for complying with reasonable requests
70-5 Notice requirements for unreasonable requests
70-10 Right of creditors to request information etc. from trustee
70-15 Right of individual creditor to request information etc. from trustee
70-17 Right of regulated debtor to request information etc. from trustee
70-30 Initial information and declarations required to be given to creditors
70-35 Initial remuneration notice
70-45 Reports about remuneration to be given before remuneration determinations are made
70-47 Remuneration claim notice
70-51 Declarations of relevant relationships must be kept up to date
70-55 Requests for information by the Commonwealth
Division 75--Meetings
Subdivision A--Preliminary
75-1 Authority
Subdivision B--Convening meetings
75-5 When certain meetings must be convened
75-10 Persons to whom notice of meetings to be given
75-15 How notice of meetings to be given
75-20 Time for giving notice of meetings
75-25 Notice about voting by proxy and appointment of attorney
75-27 Additional rules for meetings under section 188 of Act
75-30 Time and place of meetings
75-35 Notice of electronic facilities for meetings
75-40 Notification of first meeting to be lodged with Inspector-General etc.
Subdivision C--Procedures at meetings
75-50 Presiding at meetings
75-55 Agenda
75-60 Tabling of documents at certain meetings of creditors etc.
75-65 Conducting meetings
75-70 Proposed resolutions and amendments of proposed resolutions
75-75 Participating in meetings by electronic means
75-80 Statement by creditor as to amount of debt
75-85 Entitlement to vote at meetings of creditors
75-90 Evidence relating to proof of debt
75-95 Evidence of liability for debt
75-100 Decisions in relation to entitlement to vote at creditors' meeting
75-105 Quorum
75-110 Voting on resolutions
75-115 When a resolution is passed at a meeting of creditors after a poll is demanded
75-130 When a resolution is passed without a meeting of creditors
75-132 When a special resolution is passed at a meeting of creditors
75-137 When a special resolution is passed without a meeting of creditors
75-140 Adjournment of meetings of creditors
75-145 Minutes of meetings of creditors
Subdivision D--Rules about proxies and attorneys
75-150 Appointment of proxies
75-155 Person may attend and vote by attorney
75-160 Voting by proxy or attorney on remuneration proposals
Subdivision E--Additional rules for particular kinds of estates
75-170 Joint administrations
75-175 Calling a meeting in relation to compositions or arrangements
75-180 Documents to be tabled at meeting in relation to compositions or arrangements
Subdivision F--Other rules about meetings
75-250 Directions to trustee to convene a meeting--when reasonable and not reasonable
75-255 Notice requirements for unreasonable directions
75-260 Duties of trustee when presiding at meeting
75-265 Requirements relating to meetings to remove trustee of a regulated debtor's estate
75-270 Substantial compliance with Division is sufficient
Division 80--Committees of inspection
80-5 Eligibility and procedures
80-10 Resignation, removal and vacancies
80-15 Reasonable requests for information etc.
80-20 Time for complying with reasonable requests
80-25 Notice requirements for unreasonable requests
Division 90--Review of the administration of a regulated debtor's estate
Subdivision A--Review by Inspector-General
90-1 Authority
90-5 Review of trustee remuneration on application
90-10 Application threshold
Subdivision B--Conduct of reviews by Inspector-General
90-50 Preliminary
90-55 Conduct of review and powers
90-60 Non-compliance with directions
90-65 Decision of Inspector-General on review
Subdivision C--Application to Court for review of administration
90-80 Time limit on certain applications to Court for review
Subdivision D--Other matters
90-85 Notification to Official Receiver if former trustee is reappointed
90-90 Official Receiver must issue certificate of appointment in certain cases
Part 5--Transitional matters
Division 110--Transitional matters relating to the Insolvency Practice (Bankruptcy) Amendment Rules 2022
110-1 Definitions
110-2 Trustee experience
110-3 Trustee registration conditions
110-4 Part 2 committee consideration of matters
110-5 Remuneration determinations
110-6 Review of decisions relating to third party bills of costs
110-7 Giving of information
110-8 Meetings of creditors
110-9 Value of certain assigned debts
Endnotes
Endnote 1--About the endnotes
Endnote 2--Abbreviation key
Endnote 3--Legislation history
Endnote 4--Amendment history
The endnotes provide information about this compilation and the compiled law.
The following endnotes are included in every compilation:
Endnote 1--About the endnotes
Endnote 2--Abbreviation key
Endnote 3--Legislation history
Endnote 4--Amendment history
Abbreviation key--Endnote 2
The abbreviation key sets out abbreviations that may be used in the endnotes.
Legislation history and amendment history--Endnotes 3 and 4
Amending laws are annotated in the legislation history and amendment history.
The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.
The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.
Editorial changes
The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.
If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.
Misdescribed amendments
A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.
If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and "(md not incorp)" is added to the amendment history.
ad = added or inserted | o = order(s) |
am = amended | Ord = Ordinance |
amdt = amendment | orig = original |
c = clause(s) | par = paragraph(s)/subparagraph(s) |
C[x] = Compilation No. x | /sub-subparagraph(s) |
Ch = Chapter(s) | pres = present |
def = definition(s) | prev = previous |
Dict = Dictionary | (prev ... ) = previously |
disallowed = disallowed by Parliament | Pt = Part(s) |
Div = Division(s) | r = regulation(s)/rule(s) |
ed = editorial change | reloc = relocated |
exp = expires/expired or ceases/ceased to have | renum = renumbered |
effect | rep = repealed |
F = Federal Register of Legislation | rs = repealed and substituted |
gaz = gazette | s = section(s)/subsection(s) |
LA = Legislation Act 2003 | Sch = Schedule(s) |
Sdiv = Subdivision(s) | |
(md) = misdescribed amendment can be given | SLI = Select Legislative Instrument |
effect | SR = Statutory Rules |
(md not incorp) = misdescribed amendment | Sub-Ch = Sub-Chapter(s) |
cannot be given effect | SubPt = Subpart(s) |
mod = modified/modification | underlining = whole or part not |
No. = Number(s) | commenced or to be commenced |
Endnote 3--Legislation history
Name | Registration | Commencement | Application, saving and transitional provisions |
Insolvency Practice Rules (Bankruptcy) 2016 | 21 Dec 2016 | Pt 1 and 2: 1 Mar 2017 (s 1-5(1) item 1) |
|
Insolvency Practice (Bankruptcy) Amendment (Minor Amendments) Rules 2017 | 29 Aug 2017 (F2017L01103) | Sch 1 (items 6-49): 1 Sept 2017 (s 2(1) item 3) | -- |
Insolvency Practice (Bankruptcy) Amendment (Consequential Amendments) Rules 2021 | 19 Mar 2021 (F2021L00266) | 1 Apr 2021 (s 2(1) item 1) | -- |
Insolvency Practice (Bankruptcy) Amendment Rules 2022 | 5 Apr 2022 (F2022L00539) | 5 July 2022 (s 2(1) item 1) | -- |
Provision affected | How affected |
Part 1 |
|
Division 1 |
|
s 1-5.............. | rep LA s 48D |
Division 5 |
|
s 5-5.............. | am F2021L00266 |
Division 20 |
|
s 20-1............. | am F2022L00539 |
s 20-5............. | am F2022L00539 |
Part 2 |
|
Division 42 |
|
Subdivision AA |
|
Subdivision AA heading....... | ad F2017L01103 |
s 42-4A............ | ad F2017L01103 |
Subdivision A |
|
s 42-25............ | rep F2017L01103 |
Subdivision D |
|
s 42-215........... | am F2017L01103 |
Division 50 |
|
s 50-47............ | ad F2022L00539 |
Part 3 |
|
Division 60 |
|
s 60-10............ | am F2022L00539 |
s 60-17............ | ad F2022L00539 |
s 60-25............ | am F2017L01103 |
Division 65 |
|
Subdivision B |
|
s 65-20............ | am F2022L00539 |
s 65-25............ | ad F2022L00539 |
Division 70 |
|
s 70-17............ | am F2017L01103 |
s 70-30............ | am F2017L01103; F2022L00539 |
s 70-35............ | am F2022L00539 |
Division 75 |
|
Subdivision B |
|
s 75-27............ | am F2017L01103; F2022L00539 |
s 75-40............ | am F2017L01103 |
Subdivision C |
|
s 75-55............ | am F2017L01103 |
s 75-60............ | am F2017L01103; F2022L00539 |
s 75-65............ | am F2017L01103 |
s 75-90............ | am F2017L01103 |
s 75-95............ | am F2017L01103 |
s 75-100........... | am F2017L01103 |
s 75-105........... | am F2022L00539 |
s 75-110........... | am F2022L00539 |
s 75-115........... | am F2022L00539 |
s 75-130........... | am F2017L01103; F2022L00539 |
s 75-132........... | am F2017L01103; F2022L00539 |
s 75-137........... | am F2017L01103; F2022L00539 |
s 75-140........... | am F2022L00539 |
Subdivision E |
|
s 75-170........... | am F2017L01103 |
s 75-175........... | am F2017L01103 |
s 75-180........... | ad F2017L01103 |
Subdivision F |
|
s 75-265........... | am F2017L01103 |
Division 90 |
|
Subdivision B |
|
s 90-65............ | am F2022L00539 |
Subdivision D |
|
Subdivision D............. | ad F2017L01103 |
s 90-85............ | ad F2017L01103 |
s 90-90............ | ad F2017L01103 |
Part 5 |
|
Part 5................... | ad F2022L00539 |
Division 110 |
|
Division 110.............. | ad F2022L00539 |
s 110-1............ | ad F2022L00539 |
s 110-2............ | ad F2022L00539 |
s 110-3............ | ad F2022L00539 |
s 110-4............ | ad F2022L00539 |
s 110-5............ | ad F2022L00539 |
s 110-6............ | ad F2022L00539 |
s 110-7............ | ad F2022L00539 |
s 110-8............ | ad F2022L00539 |
s 110-9............ | ad F2022L00539 |