has an appropriate level of expertise; and

behaves ethically; and

maintains sufficient insurance to cover his or her liabilities in practising as a registered trustee.

to regulate the administration of regulated debtors’ estates consistently, unless there is a clear reason to treat a matter that arises in relation to a particular kind of estate differently; and

to regulate the administration of regulated debtors’ estates to give greater control to creditors.

in the case of a bankruptcy—the day on which the bankrupt is discharged or the bankruptcy is annulled, whichever happens first; and

in the case of an administration under Part X—the day 3 years after the day on which a personal insolvency agreement made by the debtor for the administration of the debtor’s estate took effect; and

in the case of an administration under Part XI—the day 3 years after the day on which the administration is taken to have commenced under section 247A.

under the trustee; andsection 60-10 or 60-11 in relation to

in accordance with section 60-12.

a condition that a committee decides that the registered trustee is to be subject to under subsection 20-20(5) or (6), subject to any variation that a committee has decided should be made to the condition under section 20-55;

a condition imposed on all registered trustees, or on registered trustees of the trustee’s class, under section 20-35;

a condition imposed under subsection 40-15(2) (direction not to accept further appointments);

a condition that a committee decides that the registered trustee is to be subject to under paragraph 40-55(1)(f) or (g) (conditions as a result of disciplinary action), subject to any variation that a committee has decided should be made to the condition under section 20-55;

a condition imposed on the registered trustee by the Court under section 45-1.

a condition that a committee has decided to remove under section 20-55; or

a condition that is removed under subsection 40-15(4) (condition removed because a direction not to accept further appointments has been withdrawn); or

a condition that the Court has ordered be removed under section 45-1.

a bankrupt; or

a person whose property is subject to control under Division 2 of Part X; or

a debtor under a personal insolvency agreement; or

a deceased person whose estate is being administered under Part XI.

in relation to a bankrupt—the estate of the bankrupt, other than any estate of the bankrupt administered under Part XI because the bankrupt is a deceased person; and

in relation to a person whose property is subject to control under Division 2 of Part X—the estate of the person; and

in relation to a debtor under a personal insolvency agreement—the estate of the debtor; and

in relation to a deceased person whose estate is being administered under Part XI—the estate of the person being administered under that Part.

in relation to a bankrupt—the trustee of the bankrupt’s estate; and

in relation to a person whose property is subject to control under Division 2 of Part X—the controlling trustee; and

in relation to a debtor under a personal insolvency agreement—the trustee of the agreement; and

in relation to a deceased person whose estate is being administered under the trustee administering the estate under that Part.Part XI—

in relation to a regulated debtor’s estate in respect of which there are 2 or more joint trustees—as a reference to all of the trustees; and

in relation to a regulated debtor’s estate in respect of which there are 2 or more joint and several trustees—as a reference to all of the trustees or any one or more of the trustees.

if the person is one of the following:

the regulated debtor;

a creditor;

the trustee; or

in any other circumstances prescribed.

lodge an annual return with the Inspector-General that includes proof that the trustee has appropriate insurance; and

give the Inspector-General notice if the trustee’s circumstances change or if certain other events happen.

the details to be entered on the Register of Trustees; and

the parts of the Register that are to be made available to the public.

details of any disciplinary action decided by a committee under section 40-55; and

details of persons who have had their registration as a trustee under this Act suspended or cancelled.

the Inspector-General; and

a registered trustee chosen by a prescribed body; and

a person appointed by the Minister.

must interview the applicant; and

may require the applicant to sit for an exam.

has the qualifications, experience, knowledge and abilities prescribed; and

will take out:

adequate and appropriate professional indemnity insurance; and

adequate and appropriate fidelity insurance;

has not been convicted, within 10 years before making the application, of an offence involving fraud or dishonesty; and

is not, and has not been within 10 years before making the application, an insolvent under administration; and

has not had his or her registration as a trustee under this 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; and

(f) has not had his or her registration as a liquidator under the Corporations Act 2001 cancelled within 10 years before making the application, other than in response to a written request by the applicant to have the registration cancelled; and

(g) is not disqualified from managing corporations under Corporations Act 2001, or under a law of an external Territory or a law of a foreign country; andPart 2D.6 of the

is otherwise a fit and proper person; and

is resident in Australia or in another prescribed country.

the committee’s decision on the application; and

the committee’s reasons for that decision; and

if the committee decides under subsection 20-20(5) or (6) that the applicant should be registered subject to a condition:

the condition; and

the committee’s reasons for imposing the condition.

the committee has decided that the applicant should be registered; and

the applicant has produced 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;

the applicant has paid the registration fee determined by the Minister by legislative instrument.

if the person’s registration as a trustee is suspended; or

if the condition is of a prescribed kind; or

in prescribed circumstances.

an application can be made; and

subsection (3) is complied with.

the Inspector-General; and

a registered trustee chosen by a prescribed body; and

a person appointed by the Minister.

decide whether the condition to which the application relates should be varied or removed; and

if a condition is to be varied, specify the way in which it is to be varied.

the committee’s decision on the application; and

the committee’s reasons for that decision; and

if the committee decides that a condition should be varied—the variation that is to be made.

the application is properly made; and

the applicant has produced evidence in writing to the Inspector-General that the applicant maintains:

adequate and appropriate professional indemnity insurance; and

adequate and appropriate fidelity insurance;

the applicant has complied with any condition dealing with continuing professional education to which the applicant is subject during the applicant’s current registration; and

the applicant has paid the renewal fee determined by the Minister under subsection 20-70(3), and any late payment penalty under that subsection; and

the applicant does not owe more than the prescribed amount of notified estate charges.

the person owes either of the following:

(i) a charge under the Bankruptcy (Estate Charges) Act 1997 (the estate charge);

a penalty under section 281 (late payment penalty) of this Act in respect of that charge; and

the Inspector-General notified the person of the unpaid estate charge at least one month and 10 business days before the person’s registration as a trustee ceases to have effect.

the person makes a representation; and

the representation is that the person is a registered trustee; and

the representation is false.

adequate and appropriate professional indemnity insurance; and

adequate and appropriate fidelity insurance;

specified circumstances;

one or more specified classes of registered trustees.

the person is subject to a requirement under subsection (1); and

the person intentionally or recklessly fails to comply with the requirement.

the person is subject to a requirement under subsection (1); and

the person fails to comply with the requirement.

the period of 12 months beginning on the day on which that registration first began;

each subsequent period of 12 months.

be in the approved form; and

include evidence that the person has, during the whole of any period of the year during which the person was registered as a trustee, maintained:

adequate and appropriate professional indemnity insurance; and

adequate and appropriate fidelity insurance;

the person is subject to a requirement under subsection (1); and

the person fails to comply with the requirement.

the trustee becomes an insolvent under administration;

a bankruptcy notice is issued under this Act in relation to the trustee as debtor, or a corresponding notice is issued in relation to the trustee as debtor under a law of an external Territory or a law of a foreign country;

the trustee is convicted of an offence involving fraud or dishonesty;

(d) the trustee is disqualified from managing corporations under Corporations Act 2001, or under a law of an external Territory or a law of a foreign country;Part 2D.6 of the

the trustee ceases to have:

adequate and appropriate professional indemnity insurance; or

adequate and appropriate fidelity insurance;

(f) the trustee is issued with a notice under Corporations Act 2001 (a show-cause notice) in relation to the trustee’s registration as a liquidator under that Act;section 40-40 of Schedule 2 to the

(g) the trustee’s registration as a liquidator under the Corporations Act 2001 is suspended or cancelled;

any other event prescribed.

the person is subject to a requirement under subsection (1); and

the person intentionally or recklessly fails to comply with the requirement.

information included in an annual trustee return, or in an annual administration return, prepared by or on behalf of the trustee is or becomes inaccurate in a material particular;

any other event prescribed.

the person is subject to a requirement under subsection (1); and

the person intentionally or recklessly fails to comply with the requirement.

give a direction under subsection 40-15(1) (direction not to accept further appointments);

apply to the Court for an order, under the trustee to comply with the requirement within such time as is specified in the order.section 30 (general powers of Courts in bankruptcy), section 45-1 of this Schedule or any other provision that is relevant, directing

confirm to the Inspector-General that the information is complete and correct;

complete or correct the information (as the case requires);

notify any persons specified by the Inspector-General in the direction of the addition or correction.

give a direction under subsection 40-15(1) (direction not to accept further appointments);

apply to the Court for an order, under the trustee to comply with the requirement within such time as is specified in the order.section 30 (general powers of Courts in bankruptcy), section 45-1 of this Schedule or any other provision that is relevant, directing

the trustee has failed to comply with a direction given to the trustee under section 40-5 (direction to remedy failure to lodge documents, or give information or documents); or

the trustee has failed to comply with a direction given to the trustee under section 40-10 (direction to correct inaccuracies); or

a committee has decided under paragraph 40-55(1)(d) that the Inspector-General should give the direction referred to in that paragraph; or

the trustee has failed to comply with a direction given to the trustee under section 70-70 (direction to give relevant material); or

the trustee has failed to comply with a direction given to the trustee under subsection 75-20(1) or (2) (direction to convene a meeting of creditors or comply with requirements in relation to such a meeting).

a person who fails to comply with a requirement to lodge a document with, or give information or a document to, the Inspector-General; or

a person giving incomplete or incorrect information; or

any matter in relation to which a committee makes a decision under subsection 40-55(1).

the person becomes an insolvent under administration; or

the person dies.

(a) the person is disqualified from managing corporations under Corporations Act 2001, or under a law of an external Territory or a law of a foreign country; orPart 2D.6 of the

the person ceases to have:

adequate and appropriate professional indemnity insurance; or

adequate and appropriate fidelity insurance;

(c) the person’s registration as a liquidator under the Corporations Act 2001 has been cancelled or suspended, other than in compliance with a written request by the person to cancel or suspend the registration; or

the person owes more than the prescribed amount of notified estate charges; or

if the Court has made an order under section 90-15 that the person repay remuneration—the person has failed to repay the remuneration; or

(f) the person has been convicted of an offence involving fraud or dishonesty; or

the person lodges a request with the Inspector-General in the approved form to have the registration suspended.

(a) the person is disqualified from managing corporations under Corporations Act 2001, or under a law of an external Territory or a law of a foreign country; orPart 2D.6 of the

the person ceases to have:

adequate and appropriate professional indemnity insurance; or

adequate and appropriate fidelity insurance;

(c) the person’s registration as a liquidator under the Corporations Act 2001 has been cancelled, other than in compliance with a written request by the person to cancel the registration; or

the person owes more than the prescribed amount of notified estate charges; or

if the Court has made an order under section 90-15 that the person repay remuneration—the person has failed to repay the remuneration; or

(f) the person has been convicted of an offence involving fraud or dishonesty; or

the person lodges a request with the Inspector-General in the approved form to have the registration cancelled.

the trustee no longer has the qualifications, experience, knowledge and abilities prescribed under paragraph 20-20(4)(a); or

the trustee has committed an act of bankruptcy within the meaning of this Act or a corresponding law of an external Territory or a foreign country; or

(c) the trustee is disqualified from managing corporations under Corporations Act 2001, or under a law of an external Territory or a law of a foreign country; orPart 2D.6 of the

the trustee has ceased to have:

adequate and appropriate professional indemnity insurance; or

adequate and appropriate fidelity insurance;

the trustee has breached a current condition imposed on the trustee; or

the trustee has contravened a provision of this Act; or

(g) the trustee’s registration as a liquidator under the Corporations Act 2001 has been cancelled or suspended, other than in compliance with a written request by the trustee to cancel or suspend the registration; or

the trustee owes more than the prescribed amount of notified estate charges; or

if the Court has made an order under the trustee repay remuneration—the trustee has failed to repay the remuneration; orsection 90-15 that

(j) the trustee has been convicted of an offence involving fraud or dishonesty; or

the trustee is permanently or temporarily unable to perform the functions and duties of a trustee because of physical or mental incapacity; or

the trustee has failed to carry out adequately and properly (whether in Australia or in an external Territory or in a foreign country):

the duties of a trustee; or

any other duties or functions that a registered trustee is required to carry out under a law of the Commonwealth or of a State or Territory, or under the general law; or

if the trustee is or was the administrator of a debt agreement—the trustee has failed to carry out adequately and properly (whether in Australia or in an external Territory or in a foreign country) the duties of an administrator in relation to a debt agreement; or

the trustee is not a fit and proper person; or

the trustee is not resident in Australia or in another prescribed country; or

the trustee has failed to comply with a standard prescribed for the purposes of subsection (4).

the Inspector-General; and

a registered trustee chosen by a prescribed body; and

a person appointed by the Minister.

gives the trustee a notice under section 40-40 (a show-cause notice); and

either:

does not receive an explanation within 20 business days after the notice is given; or

is not satisfied by the explanation.

that the trustee should continue to be registered;

that the trustee’s registration should be suspended for a period, or until the occurrence of an event, specified in the decision;

that the trustee’s registration should be cancelled;

that the Inspector-General should direct the trustee not to accept any further appointments as trustee, or not to accept any further appointments as trustee during the period specified in the decision;

that the trustee should be publicly admonished or reprimanded;

that a condition specified in the decision should be imposed on the trustee;

that a condition should be imposed on all other registered trustees that they must not allow the trustee to carry out any of the functions or duties, or exercise any of the powers, of a trustee on their behalf (whether as employee, agent, consultant or otherwise) for a period specified in the decision of no more than 10 years;

that the Inspector-General should publish specified information in relation to the committee’s decision and the reasons for that decision.

a condition that the trustee engage in, or refrain from engaging in, specified conduct;

a condition that the trustee engage in, or refrain from engaging in, specified conduct except in specified circumstances;

a condition that the trustee publish specified information;

a condition that the trustee notify a specified person or class of persons of specified information;

a condition that the trustee publish a specified statement;

a condition that the trustee make a specified statement to a specified person or class of persons.

any information provided to the committee by the Inspector-General; and

any explanation given by the trustee; and

any other information given by the trustee to the committee; and

(d) if the trustee is or was also a registered liquidator under the Corporations Act 2001—any information in relation to the trustee given to the committee by ASIC or a committee convened under the Insolvency Practice Schedule (Corporations); and

any other matter that the committee considers relevant.

the committee’s decision in relation to the trustee; and

the committee’s reasons for that decision; and

if the committee decides under paragraph 40-55(1)(f) that the trustee should be registered subject to a condition:

the condition; and

the committee’s reasons for imposing the condition; and

if the committee decides under paragraph 40-55(1)(g) that a condition should be imposed on all other registered trustees in relation to the trustee:

the condition; and

the committee’s reasons for imposing the condition.

for the suspension to be lifted; or

for the period of the suspension to be shortened.

the Inspector-General; and

a registered trustee chosen by a prescribed body; and

a person appointed by the Minister.

decide whether the suspension should be lifted, or the period of the suspension shortened; and

if the period of the suspension is to be shortened—specify when the suspension is to end.

the committee’s decision on the application; and

the committee’s reasons for that decision; and

if the committee decides that the period of the suspension should be shortened—when the suspension is to end.

stating that the body reasonably suspects that there are grounds for the Inspector-General:

to suspend the registration of a registered trustee under section 40-25; or

to cancel the registration of a registered trustee under section 40-30; or

to give a registered trustee a notice under section 40-40 (a show-cause notice); or

to impose a condition on a registered trustee under another provision of this Schedule; and

identifying the registered trustee; and

including the information and copies of any documents upon which the suspicion is founded.

suspending the registration of a registered trustee under section 40-25; or

cancelling the registration of a registered trustee under section 40-30; or

giving a registered trustee a notice under section 40-40 (a show-cause notice); or

imposing a condition on a registered trustee under another provision of this Schedule;

the body acted in good faith in giving the notice; and

the suspicion that is the subject of the notice is a reasonable suspicion.

on its own initiative, during proceedings before the Court; or

on application under subsection (3).

the registered trustee;

the Inspector-General.

whether the registered trustee has faithfully performed, or is faithfully performing, the registered trustee’s duties; and

whether an action or failure to act by the registered trustee is in compliance with this Act and the Insolvency Practice Rules; and

whether an action or failure to act by the registered trustee is in compliance with an order of the Court; and

whether any person has suffered, or is likely to suffer, loss or damage because of an action or failure to act by the registered trustee; and

the seriousness of the consequences of any action or failure to act by the registered trustee, including the effect of that action or failure to act on public confidence in registered trustees as a group.

the registered trustee is personally liable for some or all of those costs; and

the registered trustee is not entitled to be reimbursed by a regulated debtor’s estate or creditors in relation to some or all of those costs.

if any knowledge or experience is prescribed in relation to appointments of the kind to be made—that knowledge or experience; or

if no knowledge or experience is prescribed in relation to appointments of the kind to be made—the knowledge and experience necessary to carry out the person’s functions as a member of the committee if appointed.

business;

law, including the law relating to bankruptcy;

economics;

accounting;

public policy relating to bankruptcy.

a matter or matters relating to one applicant for registration as a trustee;

a matter or matters relating to more than one applicant for registration as a trustee;

a matter or matters relating to one registered trustee;

a matter or matters relating to more than one registered trustee.

the committee’s powers, functions and duties in relation to the matter are not affected by a change in the membership of the committee; and

the committee may adjourn its consideration of the matter, and may do so more than once; and

the matter may be transferred to another committee with powers, functions and duties under this Part in relation to matters of that kind.

the manner in which the committees convened under this Part are to perform their functions, including:

meetings of committees; and

the number of committee members required to constitute a quorum; and

disclosure of interests in a matter before a committee; and

the manner in which questions are to be decided by the committee; and

the reconstitution of a committee; and

the termination of the consideration of a matter by a committee, and the transfer of matters to another committee.

the person is or was a member of a committee convened under this Part; and

information or a document is or was disclosed to the person for the purposes of exercising powers or performing functions as a member of the committee; and

the person uses or discloses the information or document.

is used or disclosed by the person for the purposes of exercising powers or performing functions as a member of the committee mentioned in subsection (1); or

is disclosed:

(i) to ASIC to assist ASIC to exercise its powers or perform its functions under Chapter 5 of the Corporations Act 2001 or the Insolvency Practice Schedule (Corporations); or

to a committee convened under Part 2 of the Insolvency Practice Schedule (Corporations) to assist the committee to exercise its powers or perform its functions under that Part; or

to another committee convened under this Part to assist the committee to exercise its powers or perform its functions under this Part; or

to enable or assist a body prescribed for the purposes of this paragraph to perform its disciplinary function in relation to its members; or

in order to enable or assist an authority or person in a State or Territory, or a foreign country, to perform or exercise a function or power that corresponds, or is analogous, to any of the committee’s or the Inspector-General’s functions and powers; or

to a court or tribunal in relation to proceedings before the court or tribunal.

the remuneration of the trustee; and

the duties of the trustee in handling the money and other property of the estate; and

conflicts of interest; and

the duties of the trustee to keep appropriate records, to report to the Inspector-General and to give information, documents and reports to creditors and others; and

creditor meetings; and

the creation and conduct of a committee to monitor the administration (called a committee of inspection); and

the rights of creditors to review the administration; and

the rights of creditors to remove the trustee and appoint another; and

the review of the administration by the Court.

employ a related entity, unless certain requirements are met; or

purchase any assets of the estate; or

get any other benefits or profits from the administration of the estate.

by resolution of the creditors; or

if there is a committee of inspection and a determination is not made under paragraph (a)—by the committee of inspection.

a matter referred to in section 60-12; or

any other matter.

by specifying an amount of remuneration;

by specifying a method for working out an amount of remuneration.

the determination must specify the money to which the specified percentage applies; and

the specified percentage must not be greater than the percentage prescribed for the purposes of this paragraph.

if the trustee is appointed as the trustee of the regulated debtor’s estate during the financial year beginning on 1 July 2016—$5,000;

if the trustee is appointed as the trustee of the regulated debtor’s estate during a financial year beginning on or after 1 July 2017—the greater of:

the amount worked out by multiplying the indexation factor for the financial year (worked out under subsections (3) and (4)) by the maximum default amount for a trustee appointed as the trustee of a regulated debtor’s estate during the previous financial year; and

the amount (if any) prescribed for the purposes of this subparagraph.

use only the index numbers published in terms of the most recently published index reference period for the Consumer Price Index; and

disregard index numbers published in substitution for previously published index numbers (except where the substituted numbers are published to take account of changes in the index reference period).

the trustee directly or indirectly derives a profit or advantage from a transaction (including a sale or purchase) entered into for or on account of the estate; or

the trustee directly or indirectly derives a profit or advantage from a creditor of the estate; or

a related entity of the trustee directly or indirectly derives a profit or advantage from the administration of the estate.

another provision of this Act, or of another law, requires or permits the trustee to derive the profit or advantage; or

the Court gives leave to the trustee to derive the profit or advantage.

the profit or advantage arises because the trustee employs or engages a person to provide services in connection with the administration of the regulated debtor’s estate; and

the person is a related entity of the trustee; and

one of the following is satisfied:

the trustee does not know, and could not reasonably be expected to know, that the person employed or engaged is a related entity of the trustee;

the creditors, by resolution, agree to the related entity being employed or engaged;

it is not reasonably practicable in all the circumstances to obtain the agreement, by resolution, of the creditors to the related entity being employed or engaged and the cost of employing the related entity is reasonable in all the circumstances.

is made to the trustee by or on behalf of the Commonwealth or an agency or authority of the Commonwealth; and

is of a kind prescribed.

the person is subject to a requirement under subsection (1); and

the person fails to comply with the requirement.

securing the first person’s appointment or nomination as a trustee of a regulated debtor’s estate; or

securing or preventing the appointment or nomination of a third person as a trustee of a regulated debtor’s estate.

the creditors; or

the committee of inspection (if any).

the person is subject to a requirement under subsection (1); and

the person fails to comply with the requirement.

promptly pay all money of the estate into an account (called an administration account); and

promptly deposit instruments such as securities with a bank; and

not pay any money into the account unless it is money of a regulated debtor’s estate for which the account is held; and

only pay money out of the account if it is for a legitimate purpose.

the person is subject to a requirement under subsection (1); and

the person fails to comply with the requirement.

the account is maintained in relation to the regulated debtor’s estate; and

if any requirements are prescribed in relation to administration accounts of regulated debtors’ estates, it complies with those requirements.

the estate; or

where the trustee maintains the account in relation to more than one estate of a regulated debtor or regulated debtors—one of those estates.

the person is subject to the requirement under subsection (1); and

the person fails to comply with the requirement.

the trustee of a regulated debtor’s estate:

is subject to a requirement under subsection 65-5(1) (paying money into administration account); and

fails to comply with the requirement in relation to an amount of money; and

the amount exceeds:

$50; or

if another amount is prescribed—that other amount.

at the rate of 20% per year; or

if another rate is prescribed—at that other rate;

for purposes related to the administration of the estate; or

in accordance with this Act; or

in accordance with a direction of the Court.

the person is subject to a requirement under subsection (1); and

the person fails to comply with the requirement.

if the administration account contains money from only one estate of a regulated debtor—forms part of that estate; or

if the administration account contains money from more than one estate of a regulated debtor or regulated debtors—forms part of those estates in proportion to the respective amounts of money held in the administration account on account of each of those estates.

maintain a separate record for each of those estates of:

money received by the trustee from the regulated debtor in relation to the estate; and

payments made by the trustee in relation to the estate; and

the balance of money held by the trustee in relation to the estate; and

at least once every 25 business days, reconcile the balance relating to each estate held in the account with the corresponding record maintained under paragraph (a).

the bills of exchange; and

the promissory notes; and

any other negotiable instrument or security;

the person is subject to a requirement under subsection (1); and

the person fails to comply with the requirement.

money; and

bills of exchange, promissory notes and other negotiable instruments and securities;

authorise the payments for the time and on the terms it thinks fit; and

if the Court thinks the account is no longer required—at any time order it to be closed.

the application for the review (including who may apply); and

the powers available to the Inspector-General in relation to the review; and

the provision of information or documents to the Inspector-General for the purposes of the review; and

the decisions that may be made by the Inspector-General in relation to the review; and

the notification of decisions made by the Inspector-General; and

the consideration of the decisions made by the Inspector-General in relation to the review by the Court.

the payment by the trustee of a regulated debtor’s estate of interest at such rate, on such amount and in respect of such period as is prescribed; and

disallowance of all or of such part as is prescribed of the remuneration of the trustee of a regulated debtor’s estate; and

the removal from office of the trustee of a regulated debtor’s estate by the Court; and

the payment by the trustee of a regulated debtor’s estate of any expenses occasioned by reason of his or her default;

give annual reports of the administration of the estate (called annual administrative returns) to the Inspector-General; and

keep books of meetings and other affairs of the estate; and

allow those books to be audited if required to do so; and

allow access to those books by creditors; and

give creditors and others requested information, documents and reports relating to the administration.

be in the approved form; and

be lodged with the Inspector-General within 25 business days after the end of the financial year.

entries or minutes of proceedings at meetings relating to the administration of the estate; and

such other entries as are necessary to give a complete and correct record of the trustee’s administration of the estate.

ensure that the books are available at the trustee’s office for inspection; and

permit a creditor, or another person acting on the creditor’s behalf, to inspect the books at all reasonable times.

the person is subject to a requirement under subsection (1) or (2); and

the person fails to comply with the requirement.

keep such books as are usually kept in relation to the carrying on of a business of that kind; and

permit a creditor, or another person acting on the creditor’s behalf, to inspect the books at all reasonable times.

the person is subject to a requirement under subsection (1); and

the person fails to comply with the requirement.

on the Inspector-General’s own initiative; or

at the request of the regulated debtor; or

at the request of a creditor.

the trustee of the estate; and

the person who requested the report (if any).

the preparation and provision of a report on the audit; and

orders as to the costs of the audit.

the person is subject to a requirement under subsection (2); and

the person fails to comply with the requirement.

(a) a person (the former trustee) ceases to be the trustee of a regulated debtor’s estate; and

(b) a registered trustee (the new trustee) is appointed as trustee of the estate instead.

the period of 10 business days beginning on the day after the new trustee is appointed; or

if another period is agreed between the former trustee and the new trustee—that other period.

the person is subject to a requirement under subsection (2), (5) or (6); and

the person intentionally or recklessly fails to comply with the requirement.

a person is not entitled, as against the new trustee, to claim a lien on the books; and

such a lien is not otherwise prejudiced.

relate to the administration of the estate; and

are in the last trustee’s possession or control at the end of the administration;

if there is a committee of inspection—as the committee directs; or

otherwise—as the creditors by resolution direct.

the person is subject to a requirement under subsection (1); and

the person intentionally or recklessly fails to comply with the requirement.

the regulated debtor has given to any trustee of the estate; and

the trustee considers will not help the administration of the estate.

another person had a lien over the books before the trustee took possession of them; or

another person has a legal right to possession of the books; or

the trustee is not permitted to return the books to the regulated debtor or destroy them (as the case requires), because of another provision of this Act, or a provision of any other law.

give information; or

provide a report; or

produce a document;

the information, report or document is not relevant to the administration of the regulated debtor’s estate; or

the trustee would breach his or her duties in relation to the administration of the regulated debtor’s estate if the trustee complied with the request; or

it is otherwise not reasonable for the trustee to comply with the request.

give information; or

provide a report; or

produce a document;

the information, report or document is not relevant to the administration of the regulated debtor’s estate; or

the trustee would breach his or her duties in relation to the administration of the regulated debtor’s estate if the trustee complied with the request; or

it is otherwise not reasonable for the trustee to comply with the request.

to give information; and

to provide reports; and

to produce documents;

other circumstances in which the trustee of a regulated debtor’s estate must give information, provide a report or produce a document to a creditor or the regulated debtor; and

the manner and form in which information is to be given, a report provided or a document produced; and

the timeframes in which information is to be given, a report provided or a document produced; and

who is to bear the cost of giving information, providing a report or producing a document.

make different provision in relation to different kinds of estate administration; and

provide that specified requirements imposed under the Insolvency Practice Rules may be replaced or modified, by resolution, by:

the creditors; or

if there is a committee of inspection—the committee.

a former employee of a regulated debtor has made a claim for financial assistance from the Commonwealth in relation to unpaid employment entitlements; or

the Commonwealth considers that such a claim is likely to be made.

give information; or

provide a report; or

produce a document;

the information, report or document is not relevant to the administration of the regulated debtor’s estate; or

the trustee would breach his or her duties in relation to the administration of the regulated debtor’s estate if the trustee complied with the request; or

it is otherwise not reasonable for the trustee to comply with the request.

to give information; and

to provide reports; and

to produce documents;

the manner and form in which information is to be given, a report provided or a document produced; and

the timeframes in which information is to be given, a report provided or a document produced; and

who is to bear the cost of giving information, providing a report or producing a document.

Subdivision D; or

a rule made under section 70-50; or

Subdivision E; or

section 80-40;

(a) the information, report or document is referred to as the relevant material; and

(b) the request is referred to as the request for relevant material; and

(c) giving the information, providing the report or producing the document is referred to as giving the relevant material.

stating that the Inspector-General proposes to give the trustee a direction under that section; and

identifying:

the relevant material, or the part of the relevant material, that the Inspector-General proposes to direct be given; and

the person or persons to whom the Inspector-General proposes to direct that the relevant material, or that part of the relevant material, be given; and

inviting the trustee to make a written submission to the Inspector-General within 10 business days after the notice is given, stating:

whether the trustee has any objection to giving the relevant material, or that part of the relevant material, to a person or persons as proposed; and

if the trustee has such an objection—the reasons for that objection.

the Inspector-General directs that the relevant material, or part of the relevant material, be given to the person; and

the Inspector-General has given the person notice under subsection (1) imposing a condition in relation to the use or disclosure of that material by the person; and

the person does not comply with the condition.

the Inspector-General gives the trustee a direction under section 70-70 in relation to all or part of the relevant material; and

the trustee does not comply with the direction;

order the trustee to give the person, or any or all of the persons, who made the request for the relevant material all or part of that material; and

make such other orders, including orders as to costs, as it thinks fit.

where there is a committee of inspection—the committee of inspection directs the trustee to do so; or

the creditors direct the trustee to do so by resolution; or

at least 25% in value of the creditors direct the trustee to do so in writing; or

both of the following are satisfied:

less than 25%, but more than 10%, in value of the creditors direct the trustee to do so in writing;

security for the cost of holding the meeting is given to the trustee before the meeting is convened.

a former employee of a regulated debtor has made a claim for financial assistance from the Commonwealth in relation to unpaid employment entitlements; or

the Commonwealth considers that such a claim is likely to be made;

contain a single proposal; and

include a statement of the reasons for the proposal and the likely impact it will have on creditors (if it is passed); and

be given to each creditor who would be entitled to receive notice of a meeting of creditors; and

invite the creditor to either:

vote Yes or No on the proposal; or

object to the proposal being resolved without a meeting of creditors; and

specify a reasonable time by which replies must be received by the trustee (in order to be taken into account).

the circumstances in which a proposal is taken to be passed; and

whether a proposal, if passed, is to be taken to have been passed as a resolution or a special resolution; and

costs and security for those costs in relation to a proposal.

the circumstances in which meetings must or may be convened; and

notice for convening meetings; and

agenda; and

information to be given to creditors; and

who is to preside at meetings; and

the number of creditors required to constitute a quorum; and

proxies and attorneys; and

motions; and

voting (including casting votes); and

the circumstances in which a resolution or a special resolution must or may be put to creditors in a meeting; and

the circumstances in which a resolution or a special resolution put to creditors in a meeting is passed; and

facilities, including electronic communication facilities, to be available at meetings; and

minutes; and

costs in relation to meetings and security for those costs.

the creditors by resolution;

a single creditor who is owed, or a group of creditors who together are owed, a large amount;

a single employee who is owed, or a group of employees who together are owed, a large amount.

whether there is to be a committee of inspection for the regulated debtor’s estate;

if there is, or is to be, a committee of inspection—who are to be appointed members of the committee.

remove a person appointed as a member of the committee under this section; and

appoint another person to fill a vacancy in the office of a member of the committee appointed under this section.

the person, acting either alone or with others, appoints a person as a member of the committee under section 80-20; or

the person, acting either alone or with others, appoints a person as a member of the committee under section 80-25.

remove the person as a member of the committee; and

appoint another person to fill a vacancy in the office of that member of the committee.

the creditor votes on a resolution to appoint or remove a member of the committee under section 80-15; or

the creditor, acting either alone or with others, appoints a member of the committee under subsection 80-25(1); or

the creditor, acting either alone or with others, has already appointed a member of the committee under subsection (1) of this section.

an employee of the regulated debtor; or

the employees of the regulated debtor;

remove the person as a member of the committee; and

appoint another person to fill a vacancy in the office of that member of the committee.

the employee votes on a resolution to appoint or remove a member of the committee under section 80-15; or

the employee, acting either alone or with others, appoints a member of the committee under subsection 80-20(1); or

the employee, acting either alone or with others, has already appointed a member of the committee under subsection (1) of this section.

eligibility to be appointed as a member of a committee of inspection; and

the convening of, conduct of, and procedure and voting at, meetings; and

resignation and removal of members; and

vacancies in membership.

to advise and assist the trustee of the regulated debtor’s estate;

to give directions to the trustee of the regulated debtor’s estate;

to monitor the conduct of the administration of the estate;

such other functions as are conferred on the committee by this Act;

to do anything incidental or conducive to the performance of any of the above functions.

give information; or

provide a report; or

produce a document;

the information, report or document is not relevant to the administration of the regulated debtor’s estate; or

the trustee would breach his or her duties in relation to the administration of the regulated debtor’s estate if the trustee complied with the request; or

it is otherwise not reasonable for the trustee to comply with the request.

to give information; and

to provide reports; and

to produce documents;

other circumstances in which the trustee must give information, provide a report or produce a document to a committee of inspection; and

the manner and form in which information is to be given, a report provided or a document produced; and

the timeframes in which information is to be given, a report provided or a document produced; and

who is to bear the cost of giving information, providing a report or producing a document.

make different provision in relation to different classes of regulated debtor, or regulated debtor’s estates; and

provide that specified requirements imposed under the Insolvency Practice Rules may be replaced or modified, by resolution, by:

the creditors; or

the committee of inspection.

the member directly or indirectly derives a profit or advantage from a transaction (including a sale or purchase) entered into for or on account of the estate; or

the member directly or indirectly derives a profit or advantage from a creditor of the estate; or

a related entity of the member directly or indirectly derives a profit or advantage from the administration of the estate.

another provision of this Act, or of another law, requires or permits the member of the committee of inspection to derive the profit or advantage; or

the Court gives leave to the member of the committee to derive the profit or advantage.

the profit or advantage arises because the trustee employs or engages a person to provide services in connection with the administration of the regulated debtor’s estate; and

the person is a related entity of a member of the committee of inspection; and

one of the following applies:

the member does not know, and could not reasonably be expected to know, that the trustee has employed or engaged a related entity of the member;

the creditors, by resolution, agree to the related entity being employed or engaged.

the person is subject to a requirement under subsection (1); and

the person fails to comply with the requirement.

another provision of this Act, or of another law, requires or permits the creditor to purchase the property; or

the Court gives leave to the creditor to purchase the property.

the person is subject to a requirement under subsection (2); and

the person fails to comply with the requirement.

give information; or

provide a report; or

produce a document;

a person with a financial interest in the administration of the regulated debtor’s estate;

if the committee of inspection (if any) so resolves—a creditor, on behalf of the committee;

the Inspector-General.

give information; or

provide a report; or

produce a document;

on its own initiative, during proceedings before the Court; or

on application under section 90-20.

an order determining any question arising in the administration of the estate;

an order that a person cease to be the trustee of the estate;

an order that another person be appointed as the trustee of the estate;

an order in relation to the costs of an action (including court action) taken by the trustee of the estate or another person in relation to the administration of the estate;

an order in relation to any loss that the estate has sustained because of a breach of duty by the trustee;

an order in relation to remuneration, including an order requiring a person to repay to the estate of a regulated debtor, or the creditors of a regulated debtor, remuneration paid to the person as trustee.

whether the trustee has faithfully performed, or is faithfully performing, the trustee’s duties; and

whether an action or failure to act by the trustee is in compliance with this Act and the Insolvency Practice Rules; and

whether an action or failure to act by the trustee is in compliance with an order of the Court; and

whether the regulated debtor’s estate or any person has suffered, or is likely to suffer, loss or damage because of an action or failure to act by the trustee; and

the seriousness of the consequences of any action or failure to act by the trustee, including the effect of that action or failure to act on public confidence in registered trustees as a group.

the trustee or another person is personally liable for some or all of those costs; and

the trustee or another person is not entitled to be reimbursed by the regulated debtor’s estate or creditors in relation to some or all of those costs.

the trustee is personally liable to make good some or all of the loss; and

the trustee is not entitled to be reimbursed by the regulated debtor’s estate or creditors in relation to the amount made good.

a person with a financial interest in the administration of the regulated debtor’s estate;

if the committee of inspection (if any) so resolves—a creditor, on behalf of the committee;

the Inspector-General.

on his or her own initiative; or

on application by the regulated debtor or a creditor.

the extent to which the work by the trustee was necessary and properly performed;

the extent to which the work likely to be performed by the trustee is likely to be necessary and properly performed;

the period during which the work was, or is likely to be, performed by the trustee;

the quality of the work performed, or likely to be performed, by the trustee;

the complexity (or otherwise) of the work performed, or likely to be performed, by the trustee;

the extent (if any) to which the trustee was, or is likely to be, required to deal with extraordinary issues;

the extent (if any) to which the trustee was, or is likely to be, required to accept a higher level of risk or responsibility than is usually the case;

the value and nature of any property dealt with, or likely to be dealt with, by the trustee;

the number, attributes and conduct, or the likely number, attributes and conduct, of the creditors;

if the remuneration is worked out wholly or partly on a time-cost basis—the time properly taken, or likely to be properly taken, by the trustee in performing the work;

any other relevant matters.

the giving of notice to the trustee before beginning a review, or making an application for a review, under this Subdivision;

the powers and duties of the Inspector-General in carrying out a review;

the decisions that may be made by the Inspector-General in relation to the review;

the repayment of remuneration by the trustee as a consequence of a review under this Subdivision.

by resolution at a meeting, remove the trustee of a regulated debtor’s estate; and

by resolution at the same or a subsequent meeting, appoint another person as trustee of the regulated debtor’s estate.

record all costs incurred by the former trustee and the debtor’s estate in relation to the application; and

do so in a way that separates those costs from the costs incurred by the former trustee and the regulated debtor’s estate in relation to other matters.

the costs of the application; and

the remuneration of the former trustee.

the trustee of a regulated debtor’s estate may assign a right to sue; and

the Minister has power to make rules to be called the Insolvency Practice Rules.

a decision of a committee under section 20-20 in relation to an application for registration as a trustee;

a decision of a committee under section 20-55 in relation to an application for the variation or removal of a condition of registration;

a decision of the Inspector-General to give a direction to a registered trustee under section 40-15 not to accept further appointments;

a decision of the Inspector-General to suspend the registration of a person as a trustee under section 40-25;

a decision of the Inspector-General to cancel the registration of a person as a trustee under section 40-30;

a decision of a committee under section 40-55 (disciplinary action by committee);

a decision of a committee under section 40-85 in relation to an application to lift or shorten the suspension of a person’s registration as a trustee.

required or permitted by this Act to be provided by the rules; or

necessary or convenient to be provided in order to carry out or give effect to this Act.

create a civil penalty;

provide powers of:

arrest or detention; or

entry, search or seizure;

impose a tax;

set an amount to be appropriated from the Consolidated Revenue Fund under an appropriation in this Act;

directly amend the text of this Act.

in a meeting—in the circumstances prescribed under paragraph 75-50(2)(k) of Schedule 2; or

without a meeting—in the circumstances prescribed under paragraph 75-40(5)(b) of Schedule 2.

in a meeting—in the circumstances prescribed under paragraph 75-50(2)(k) of Schedule 2; or

without a meeting—in the circumstances prescribed under paragraph 75-40(5)(b) of Schedule 2.

be in the form approved by the Inspector-General for the document; and

include the information, statements, explanations or other matters required by the form; and

be accompanied by any other material required by the form.

this Act requires a document to be in an approved form; and

a provision of this Act specifies, or provides for the Insolvency Practice Rules to specify, information, statements, explanations or other matters that must be included in the document, or other material that must accompany the document;

methods of verifying any information required by or in approved forms; and

the manner in which, the persons by whom, and the directions or requirements in accordance with which, approved forms are required or permitted to be signed, prepared, or completed.

(a) a Commonwealth entity (within the meaning of the Public Governance, Performance and Accountability Act 2013);

a prescribed professional disciplinary body.

the Inspector-General is reviewing a reviewable decision; and

the Court begins to exercise powers, under section 45-1, 90-5, 90-10 or 90-15 of Schedule 2, in relation to the decision;

beginning when the Court begins to exercise powers as referred to in paragraph (b); and

ending when the Court ceases to exercise those powers.

a statement:

relating to the amount in respect of which the creditor claims that the bankrupt is indebted to the creditor, the value of the consideration that the creditor gave for any assignment of a debt the bankrupt owes to the creditor, or whether the creditor holds a security interest in respect of the debt; and

that is given to the trustee at or before a meeting called for the purposes of Part IV, X or XI or Schedule 2; or

a form:

relating to the appointment of a person to represent the creditor at a meeting as the creditor’s proxy; and

that is given to the trustee at or before a meeting called for the purposes of Part IV, X or XI or Schedule 2.

a person has applied for registration as a trustee under section 154A of the old Act; and

the person’s application has not been refused; and

the person is not registered as a trustee;

a person has applied for his or her registration as a trustee to be extended under section 155D of the old Act; and

the person’s application has not been refused; and

the person’s registration as a trustee has not been extended.

the person is an insolvent under administration; or

the person is dead.

that registration began; or

the most recent extension of that registration began;

a condition applies to an old Act registrant’s practice as a registered trustee under section 155E, 155F or 155I of the old Act; and

that condition is still in force immediately before the commencement day;

a condition applies to an old Act registrant’s practice as a registered trustee under section 155A, 155F or 155I of the old Act; and

the old Act registrant has applied for the condition to be changed or removed under the commencement day; andsection 155E of the old Act before

a decision on the application has not been made before the commencement day under section 155F of the old Act;

an old Act registrant has applied for a condition to be changed or removed under the commencement day; andsection 155E of the old Act before

before the commencement day, a committee has made a decision on the application under section 155F.

the old Act registrant is taken to have lodged a request in the approved form in accordance with paragraph 40-30(1)(g) of the Insolvency Practice Schedule (Bankruptcy) to have his or her registration as a trustee cancelled; and

the Inspector-General is taken to have cancelled the registration under subsection 40-30(1) of the Insolvency Practice Schedule (Bankruptcy).

within 2 years before the commencement day, an event of a kind mentioned in subsection 35-1(1) of the Insolvency Practice Schedule (Bankruptcy) occurs in relation to an old Act registrant; and

the old Act registrant has not already informed the Inspector-General of the event before the commencement day;

if the old Act registrant is or could reasonably be expected to be aware of the event on or before the commencement day—within one month after the commencement day; or

if paragraph (a) is not satisfied, but the old Act registrant is or could reasonably be expected to be aware of the event after the commencement day—within one month after the first day on which the old Act registrant is or could reasonably be expected to be aware of the event.

the person is subject to a requirement under subitem (1) within the period specified in subitem (2); and

the person intentionally or recklessly fails to comply with the requirement within that period.

before the commencement day, a person gives the Inspector-General under section 155G of the old Act a written request that the person cease to be registered as a trustee; and

no decision by the Inspector-General to accept the request has come into effect before the commencement day.

the Inspector-General believes a matter mentioned in paragraphs 155H(1)(a) to (g) of the old Act in relation to an old Act registrant; and

the Inspector-General asks the old Act registrant under section 155H of the old Act to give a written explanation why the old Act registrant should continue to be registered; and

the Inspector-General has not received an explanation within a reasonable time or is not satisfied by the explanation; and

the Inspector-General has not convened a committee under subsection 155H(2) to consider if the old Act registrant should continue to be registered;

before the commencement day, a decision is made by a committee under section 155I of the old Act that the trustee should cease to be registered; and

the Inspector-General has not given effect to the committee’s decision before the commencement day.

the Inspector-General convened a committee under the commencement day; andsection 155H of the old Act to consider whether the trustee should continue to be registered before

the committee has not made a decision in relation to the trustee under the commencement day;section 155I of the old Act before

register the person or cancel the registration of the person, as a trustee under the Insolvency Practice Schedule (Bankruptcy) or impose conditions on a person’s registration as a trustee under that Schedule; and

by order, modify the application of this Part or the Insolvency Practice Schedule (Bankruptcy) in relation to the registration, or the cancellation of the registration, of the person as a trustee under the Insolvency Practice Schedule (Bankruptcy) or in relation to the conditions imposed on a person’s registration as a trustee under that Schedule.

a person ceases to be the trustee of a regulated debtor’s estate and another person becomes the new trustee of the estate; and

both those persons were appointed, or consented to act, as trustee of the estate before the commencement day;

(a) a person (the former trustee) ceases to be the trustee of a regulated debtor’s estate and another person (the new trustee) becomes the new trustee of the estate; and

the former trustee was appointed, or consented to act, as trustee of the estate before the commencement day; and

the new trustee was appointed, or consented to act, as trustee of the estate on or after the commencement day;

the Insolvency Practice Schedule (Bankruptcy) applies; and

if:

the former trustee and the new trustee agree on the remuneration that the former trustee is entitled to receive for necessary work properly performed by the former trustee in relation to the administration of the regulated debtor’s estate; and

the creditors, by resolution, endorse that agreement;

an estate of a bankrupt; or

more than one estate of a bankrupt or bankrupts;

the review; or

the powers of the Inspector-General in relation to the review; or

any decisions made by the Inspector-General in relation to the review; or

any appeal or review in relation to the review.

that occur before the commencement day; and

in respect of which, or because of which, entries or minutes are to be made.

that occur before the commencement day; and

in respect of which, or because of which, accounts and records must be kept.

that occur before the commencement day; and

in respect of which, or because of which, entries in books are to be made.

that occur before the commencement day; and

in respect of which, or because of which, accounts and records must be kept.

an administration of an estate of a bankrupt or debtor ends before the commencement day; and

immediately before that day, a person was required under the old Act to retain books relating to the estate for a period; and

but for the repeal of the commencement day;section 312 by this Schedule, that period would have ended on or after

was obtained or generated; or

was made or prepared; or

is in respect of actions or events that occurred;

was obtained or generated; or

was made or prepared; or

is in respect of actions or events that occurred;

was obtained or generated; or

was made or prepared; or

is in respect of actions or events that occurred;

was obtained or generated; or

was made or prepared; or

is in respect of actions or events that occurred;

directions given before the commencement day; or

resolutions passed before the commencement day.

a trustee is required to convene, or has already called, a meeting of creditors under the old Act; and

as at the commencement day, the meeting has not been held;

that is appointed under that Division on or after the commencement day; or

that is appointed under a provision of the old Act but is taken to be a committee of inspection under subitem 156(1).

in the case of a committee appointed on or before the commencement day—the commencement day; or

in the case of a committee appointed on a day that is after the commencement day in accordance with a provision of this Division—that later day.

sections 80-15 to 80-25 of the Insolvency Practice Schedule (Bankruptcy);

Insolvency Practice Rules made under section 80-30 of the Insolvency Practice Schedule (Bankruptcy) that relate to membership of a committee of inspection.

was obtained or generated; or

was made or prepared; or

is in respect of actions or events that occurred;

the remuneration is paid or payable; or

the cost or expense is incurred or paid; or