Cancellation of a company’s registration as a debt agreement administrator
186L Cancellation of a company’s registration as a debt agreement administrator
Scope
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
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
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:
the company no longer has the ability to satisfactorily perform the duties of an administrator in relation to a debt agreement; or
the company has failed to properly carry out the duties of an administrator in relation to a debt agreement; or
the company has contravened a condition of the company’s registration; or
the company has ceased to have:
adequate and appropriate professional indemnity insurance; or
adequate and appropriate fidelity insurance;
against the liabilities that the company may incur working as a registered debt agreement administrator; or
the company is not a fit and proper person; or
a director of the company is not a fit and proper person.
If:
the Inspector‑General does not receive an explanation within 28 days of requesting it; or
receives an explanation, but is not satisfied with it;
the Inspector‑General may cancel the company’s registration as a debt agreement administrator.
Notice of cancellation
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
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.
Guidelines
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.
Review
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 Review Tribunal for review of the decision.
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