Document ID: chunk:federal_register_of_legislation:F2020L01668:body:0:p2
Version: federal_register_of_legislation:F2020L01668
Segment Type: other
Provision Reference: 
Character Range: 3032–5940

with the identified property in the way specified in the proposal

       * the debtor has been given the information prescribed by the Bankruptcy Regulations 1966 (the Regulations), including about alternative means of dealing with financial difficulty

       * having regard to the circumstances in existence at the time when the debtor's statement of affairs was signed by the debtor, they have reasonable grounds to believe that the debtor is likely to be able to discharge the obligations created by the agreement as and when they fall due

       * they have reasonable grounds to believe all information required to be set out in the debtor's statement of affairs and explanatory statement, has been set out and they have a reasonable basis for believing that the debtor has properly disclosed their affairs to creditors.

2.2 For proposals lodged with the Official Receiver on or after 27 June 2019, the signed certificate under sub-section 185C(2D) of the Act must also include:

       * where a broker referred the debtor to the proposed administrator, details of the administrator's relationship with the broker, and any payments made or to be made to that broker in connection with the referral

       * where an affected creditor was a related entity of the proposed administrator, the name of the affected creditor and details about the nature of the relationship between that creditor and the administrator.

2.3 An administrator will also be required to certify that they have reasonable grounds to believe that a debtor is likely to be able to discharge any obligations as and when they fall due where a debt agreement variation is proposed in accordance with sub-section 185M(1DB) of the Act.

3. Registration

3.1 From 27 June 2019, registration as a debt agreement administrator is mandatory.[3] An individual or company may apply to the Inspector-General to be registered as a debt agreement administrator. The Inspector-General must interview an applicant as soon as practicable after receiving an application and provide a decision on whether to approve or refuse the application within 45 business days of the interview.

3.2 The Inspector-General must approve an application made by an individual if the Inspector-General is satisfied that the applicant passes the basic eligibility test, has the ability (including the knowledge) to immediately perform the duties of a debt agreement administrator to a satisfactory standard, has the qualifications and experience as are prescribed by the Regulations, is assessed to have adequate and appropriate professional indemnity and fidelity insurances, and is a fit and proper person.

3.3 If an applicant is a company, the Inspector-General must approve the application on being satisfied that the applicant passes the basic eligibility test, has the ability to immediately perform the duties of a debt agreement administrator