Document ID: chunk:federal_register_of_legislation:C2025C00167:schedule:2:p4
Version: federal_register_of_legislation:C2025C00167
Segment Type: schedule
Provision Reference: sch 2 (pt 4/95)
Character Range: 871490–874486

under a personal insolvency agreement—the trustee of the agreement; and
 (d) in relation to a deceased person whose estate is being administered under Part XI—the trustee administering the estate under that Part.

5‑25  References to the trustee of a regulated debtor's estate
  A reference in this Schedule to the trustee of a regulated debtor's estate is to be read:
 (a) 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
 (b) 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.

5‑30  Persons with a financial interest in the administration of a regulated debtor's estate
  A person has a financial interest in the administration of a regulated debtor's estate:
 (a) if the person is one of the following:
 (i) the regulated debtor;
 (ii) a creditor;
 (iii) the trustee; or
 (b) in any other circumstances prescribed.

Division 6—Application of this Schedule to Official Trustee

6‑1  Schedule generally does not apply to the Official Trustee
  A provision of this Schedule does not apply to the Official Trustee unless the provision is expressed to apply to the Official Trustee.

Part 2—Registering and disciplining practitioners

Division 10—Introduction

10‑1  Simplified outline of this Part

      Registering trustees
      An individual may apply to the Inspector‑General to be registered as a trustee. The Inspector‑General will refer the application to a committee who will consider the applicant's qualifications, conduct and fitness and whether the applicant will take out appropriate insurance. Registration may be subject to conditions, is for 3 years and may be renewed.
      A registered trustee must:
             (a) lodge an annual return with the Inspector‑General that includes proof that the trustee has appropriate insurance; and
             (b) give the Inspector‑General notice if the trustee's circumstances change or if certain other events happen.
      Disciplining registered trustees
      If a registered trustee fails to comply with certain requirements, such as the requirement to lodge a document or give information, the Inspector‑General may give directions that may result in the trustee being unable to accept further appointments. The Inspector‑General may also seek a Court order.
      The Inspector‑General may suspend or cancel a trustee's registration in certain circumstances. The Inspector‑General may also give the trustee a show‑cause notice. If such a notice is given and no sufficient explanation is given, the Inspector‑General may take further disciplinary action on the decision of a committee.
      Industry bodies may notify the Inspector‑General where they suspect there are grounds for disciplinary action.
      Court powers
      The Court has broad powers to make orders in relation to registered trustees