Commonwealth of Australia Explanatory Memoranda

[Index] [Search] [Download] [Bill] [Help]

BANKRUPTCY LEGISLATION AMENDMENT (DEBT AGREEMENTS) BILL 2007

                                 2004-2005-2006-2007



       THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA




                                        SENATE




   BANKRUPTCY LEGISLATION AMENDMENT (DEBT AGREEMENTS)
                        BILL 2007



                                CORRECTION T0 THE

                         EXPLANATORY MEMORANDUM




Section 186N ­ Return of certificate of registration

At the end of paragraph 103 add:

"In line with the provisions currently applying to registered trustees, this will be an
offence of strict liability. It is appropriate that debt agreement administrators be
subject to the same standards as registered trustees. The registration system for
administrators is largely based on that applying to trustees. It is important that a
trustee or administrator who is no longer registered, perhaps because they have been
deregistered for failing to properly perform their duties, cannot use the certificate to
hold themselves out to be still registered."




                   (Circulated by authority of the Attorney-General,
                         the Honourable Philip Ruddock MP)