Bankruptcy Act 1966

If an application for registration as a trustee is referred to a committee, the committee must consider the application.

For the purposes of considering the application, the committee:

must interview the applicant; and

may require the applicant to sit for an exam.

Within 45 business days after interviewing the applicant, the committee must decide whether the applicant should be registered as a trustee or not.

The committee must decide that the applicant should be registered as a trustee if it is satisfied that the applicant:

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

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

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

is otherwise a fit and proper person; and

is resident in Australia or in another prescribed country.

The committee may decide that the applicant should be registered even if the committee is not satisfied of a matter mentioned in paragraph (4)(a), (e), (f) or (i), provided the applicant would be suitable to be registered as a trustee.

The committee may decide that the applicant’s registration is to be subject to any conditions specified by the committee.

Nothing in this section affects the operation of Part VIIC of the Crimes Act 1914.

Part VIIC of the Crimes Act 1914 includes provisions that, in certain circumstances, relieve persons from the requirement to disclose spent convictions and require persons aware of such convictions to disregard them.