Bankruptcy Act 1966

A registered trustee must lodge with the Inspector‑General a notice, in the approved form, if any of the following events occur:

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;

the trustee is 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;

the trustee ceases to have:

adequate and appropriate professional indemnity insurance; or

adequate and appropriate fidelity insurance;

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

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

any other event prescribed.

A person commits an offence if:

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

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