s 20-2

Qualifications, experience, knowledge and abilities required by applicants for registration to practise only as a restructuring practitioner

In force

(1)

This section:

(a)

is made for the purposes of paragraph 20‑20(4)(a) of the Insolvency Practice Schedule (Corporations); and

(b)

applies in relation to an application (a restructuring practitioner application) for registration as a liquidator if the applicant wishes to be registered to practise only as a restructuring practitioner for a company or for a restructuring plan.

(2)

A committee to which a restructuring practitioner application is referred under section 20‑15 of the Insolvency Practice Schedule (Corporations) must be satisfied that the applicant has each of the following qualifications, experience, knowledge and abilities:

(a)

the applicant is a recognised accountant;

(b)

the applicant has demonstrated the capacity to perform satisfactorily the functions and duties of a restructuring practitioner for a company and for a restructuring plan;

(c)

the applicant is able to satisfy any conditions to be imposed under the Insolvency Practice Schedule (Corporations) if the applicant is registered as a liquidator.

Definitions

(3)

In this section:

recognised accountant means:

(a)

a member of Chartered Accountants Australia and New Zealand (CAANZ) who:

(i)

holds a Certificate of Public Practice issued by CAANZ; and

(ii)

is entitled to use the letters “CA” or “FCA”; and

(iii)

is subject to, and complies with, CAANZ’s continuing professional education requirements; or

(b)

a member of CPA Australia who:

(i)

holds a Public Practice Certificate issued by CPA Australia Ltd; and

(ii)

is entitled to use the letters “CPA” or “FCPA”; and

(iii)

is subject to, and complies with, CPA Australia’s continuing professional education requirements; or

(c)

a member of the Institute of Public Accountants (IPA) who:

(i)

holds a Public Practice Certificate issued by IPA; and

(ii)

is entitled to use the letters “FIPA” or “MIPA”; and

(iii)

is subject to, and complies with, IPA’s continuing professional education requirements.

20‑5 Conditions on registration of liquidators

(1)

This section is made for the purposes of section 20‑35 of the Insolvency Practice Schedule (Corporations).

Registered liquidators generally

(2)

It is a condition on the registration of any person as a registered liquidator that:

(a)

the person undertake at least 120 hours of continuing professional education during:

(i)

the period of 3 years starting on the day the person is first registered as a liquidator; and

(ii)

each subsequent period of 3 years during which the person is registered as a liquidator; and

(b)

at least 30 hours of the 120 hours of continuing professional education is capable of being objectively verified by a competent source.

Restructuring practitioners

(3)

If a committee decides under 20‑20(6) of the Insolvency Practice Schedule (Corporations) that a person’s registration is to be subject to a condition that the person act as the external administrator of a company only in the capacity of a restructuring practitioner for the company or for a restructuring plan made by the company, it is a condition on the registration of the person as a registered liquidator that the person must not carry out work as an external administrator of a company otherwise than in that capacity.

Suspended registrations

(4)

It is a condition on the registration of any person whose registration as a liquidator has been suspended that the person must, during the period of the suspension, maintain:

(a)

adequate and appropriate professional indemnity insurance; and

(b)

adequate and appropriate fidelity insurance;

against the liabilities that the person may incur as a result of work carried out as a registered liquidator before the suspension takes effect.

Division 35—Notice requirements

35‑1 Events of which a registered liquidator must notify ASIC

The following are events in relation to which a registered liquidator must lodge a notice with ASIC under paragraph 35‑5(1)(b) of the Insolvency Practice Schedule (Corporations):

(a)

the registered liquidator ceases to practise;

(b)

the registered liquidator changes his or her name;

(c)

if the registered liquidator practises as a member of a firm, or under a name or style other than the person’s own name—the name of the firm, or that other name or style, changes;

(d)

the address of any place where the registered liquidator practises as such changes.

Division 40—Disciplinary and other action

40‑1 Industry bodies that may notify ASIC of grounds for disciplinary action

The following industry bodies are prescribed for the purposes of section 40‑110 of the Insolvency Practice Schedule (Corporations):

(a)

ARITA;

(b)

CPA Australia;

(c)

Chartered Accountants Australia and New Zealand;

(d)

the Institute of Public Accountants;

(e)

the New South Wales Bar Association;

(f)

the Law Society of New South Wales;

(g)

the Victorian Legal Services Commissioner;

(h)

the Victorian Legal Services Board;

(i)

the Bar Association of Queensland;

(j)

the Queensland Law Society;

(k)

the Legal Practice Board of Western Australia;

(l)

the Law Society of South Australia;

(m)

the Legal Profession Conduct Commissioner of South Australia;

(n)

the Law Society of Tasmania;

(o)

the Law Society of the Australian Capital Territory;

(p)

the Law Society Northern Territory.

Division 50—Part 2 committees

50‑1 Authority

Unless otherwise stated, a provision of this Division is made for the purposes of section 50‑25 of the Insolvency Practice Schedule (Corporations).

50‑5 Part 2 committee may generally determine its own procedures

Subject to the Insolvency Practice Schedule (Corporations) and these Rules, a Part 2 committee may determine its own procedures.

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