Corporations Act cancelled within 10 years before making the application, other than in response to a written request by the applicant to have the registration cancelled In order to register an applicant a There is currently no corresponding committee must be satisfied that the law. applicant is not disqualified from managing corporations under Part 2D.6 of the Corporations Act 2001, or under a law of an external Territory or a law of a foreign country In order to register an applicant a There is currently no corresponding committee must be satisfied that the law. . applicant is a fit and proper person. In order to be registered as a trustee While the committee must be the applicant must produce evidence satisfied that that applicant will take in writing to the Inspector-General out insurance against liabilities that that the applicant has taken out: the applicant may incur working as a trustee there is no requirement for the adequate and appropriate applicant to produce evidence in professional indemnity writing about the status of their insurance; and insurance to the Inspector-General. adequate and appropriate fidelity insurance against the liabilities that the applicant may incur working as a registered trustee. The Insolvency Practice Rules may Conditions can be placed on an provide for conditions to be placed on individual’s registration by a all registered trustees or a class of registration committee or a committee registered trustees. convened to consider the involuntary termination of a trustee’s registration. The committee that the The committee that the General convenes to consider General convenes to consider applications for changes of conditions applications for change of conditions must consist of: on a trustee must consist of: the Inspector-General; and the Inspector-General; and a registered trustee chosen an APS employee; and by a prescribe body; and a registered trustee chosen by the a person appointed by the Insolvency Practitioners’ Association Minister. (who are now known as ARITA). In to renew their registration a There is no requirement that trustees trustee must produce evidence to the produce evidence of their insurance Inspector-General regarding their status in order to be reregistered. insurance status.
Corporations Act cancelled within 10 years before making the application, other than in response to a written request by the applicant to have the registration cancelled In order to register an applicant a committee must be satisfied that the applicant is not disqualified from managing corporations under Part 2D.6 of the Corporations Act 2001, or under a law of an external Territory or a law of a foreign country There is currently no corresponding law. In order to register an applicant a committee must be satisfied that the applicant is a fit and proper person. There is currently no corresponding law. . In order to be registered as a trustee the applicant must produce evidence in writing to the Inspector-General that the applicant has taken out: adequate and appropriate professional indemnity insurance; and adequate and appropriate fidelity insurance against the liabilities that the applicant may incur working as a registered trustee. While the committee must be satisfied that that applicant will take out insurance against liabilities that the applicant may incur working as a trustee there is no requirement for the applicant to produce evidence in writing about the status of their insurance to the Inspector-General. The Insolvency Practice Rules may provide for conditions to be placed on all registered trustees or a class of registered trustees. Conditions can be placed on an individual’s registration by a registration committee or a committee convened to consider the involuntary termination of a trustee’s registration. The committee that the convenes to consider applications for changes of conditions must consist of: the Inspector-General; and a registered trustee chosen by a prescribe body; and a person appointed by the Minister. The committee that the convenes to consider applications for change of conditions on a trustee must consist of: the Inspector-General; and an APS employee; and a registered trustee chosen by the Insolvency Practitioners’ Association (who are now known as ARITA). In to renew their registration a trustee must produce evidence to the Inspector-General regarding their insurance status. There is no requirement that trustees produce evidence of their insurance status in order to be reregistered. General General
C2014-050_EM_ILRB.docx