Document ID: chunk:federal_register_of_legislation:C2016A00011:schedule:2:p16
Version: federal_register_of_legislation:C2016A00011
Segment Type: schedule
Provision Reference: sch 2 (pt 16/59)
Character Range: 48108–50963

Act, or any other law, to apply to the Court for an order in relation to a failure to comply with a direction mentioned in subsection (1).

Subdivision C—Automatic cancellation

40‑20  Automatic cancellation
 (1) The registration of a person as a trustee is cancelled if:
 (a) the person becomes an insolvent under administration; or
 (b) the person dies.
 (2) The cancellation takes effect on the day the event mentioned in subsection (1) happens.

Subdivision D—Inspector‑General may suspend or cancel registration

40‑25  Inspector‑General may suspend registration
 (1) The Inspector‑General may suspend the registration of a person as a trustee if:
 (a) the person 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; or
 (b) the person ceases to have:
 (i) adequate and appropriate professional indemnity insurance; or
 (ii) adequate and appropriate fidelity insurance;
  against the liabilities that the person may incur working as a registered trustee; or
 (c) the person's registration as a liquidator under the Corporations Act 2001 has been cancelled or suspended, other than in compliance with a written request by the person to cancel or suspend the registration; or
 (d) the person owes more than the prescribed amount of notified estate charges; or
 (e) if the Court has made an order under section 90‑15 that the person repay remuneration—the person has failed to repay the remuneration; or
 (f) the person has been convicted of an offence involving fraud or dishonesty; or
 (g) the person lodges a request with the Inspector‑General in the approved form to have the registration suspended.
 (2) Nothing in this section affects the operation of Part VIIC of the Crimes Act 1914.
Note: 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.

40‑30  Inspector‑General may cancel registration
 (1) The Inspector‑General may cancel the registration of a person as a trustee if:
 (a) the person 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; or
 (b) the person ceases to have:
 (i) adequate and appropriate professional indemnity insurance; or
 (ii) adequate and appropriate fidelity insurance;
  against the liabilities that the person may incur working as a registered trustee; or
 (c) the person's registration as a liquidator under the Corporations Act 2001 has been cancelled, other than in compliance with a written request by the person to cancel the registration; or
 (d) the person owes more than the prescribed amount of notified estate charges; or
 (e)