Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) For the purposes of paragraph 155A (2) (a) of the Act, the following qualifications, experience, knowledge and abilities are prescribed in relation to an applicant for registration as a trustee:
(a) completion of the academic requirements for the award of a degree, diploma or similar qualification from an Australian university or college of advanced education, or other Australian tertiary institution of an equivalent standard, being a degree, diploma or similar qualification granted to a person who has completed:
(i) a course of study in accountancy of not less than
3
years' duration; and
(ii) a course of study in commercial law of not less than 2 years' duration;
(b) engagement in relevant employment on a full‑time basis for a total of not less than 2 years in the preceding 5 years;
(c) the ability to perform satisfactorily the duties of a registered trustee immediately after registration.
Note If the committee considering the application considers that the applicant is suitable to be registered as a trustee, it may decide that the applicant should be registered even if it is not satisfied that the applicant has the qualifications, experience, knowledge and abilities prescribed in subregulation 8.02 (1); see subsection 155A (3) of the Act.
(2) In this regulation:
"relevant employment" means employment that:
(a) involves assisting a liquidator or trustee in the performance of his or her duties as a liquidator or trustee; and
(b) involves the providing of advice in relation to bankruptcy matters; and
(c) provides experience in insolvency administrations outside bankruptcy, including administration of receiverships, the winding up of corporations and any other similar functions.