BANKRUPTCY ACT 1966 - SECT 186L Cancellation of a company's registration as a debt agreement administrator
BANKRUPTCY ACT 1966 - SECT 186L
Cancellation of a company's registration as a debt agreement administrator(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.
(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.
(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.
(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.
(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.