Document ID: chunk:federal_register_of_legislation:F2020L01668:body:0:p11
Version: federal_register_of_legislation:F2020L01668
Segment Type: other
Provision Reference: 
Character Range: 27306–30272

held in the bank account with these records

       * administrators must account for interest and bank charges.

3.40 The Inspector-General will assess an applicant's knowledge in these areas and their systems and practices. An applicant will need to maintain appropriate documentation such as a cash book, ledgers for each debt agreement and proper accounting for receipts, (including direct debits) and payments, (including cheques and electronic transfers) both in the cash book and in a debtor's ledger, to enable them to determine quickly the amount received, paid out and the balance on hand for each debt agreement, and be able to account for interest.

(f) Inform the Official Receiver within 5 days from the end of the agreement

3.41 An applicant will need to demonstrate that they have a reporting system in place which allows the progress of individual agreements to be monitored so that details of completed agreements can be provided within 5 working days to the Official Receiver, both for recording on the National Personal Insolvency Index and to provide the certificate of release to the debtor which will evidence the debtor's discharge from their debts.

3.42 When notifying the Official Receiver, using the approved form, an administrator will be required to confirm that all money has been received and all creditors paid and provide a final accounting summary of the administration showing the receipts and payments including dividend and fee details.

(g) Consider whether offences under the Act have occurred and refer any evidence of such offences to the Inspector-General

3.43 For debt agreement proposals lodged after 27 June 2019, administrators are required to consider whether the debtor has committed any potential offences under the Act. Administrators are then required to report to the Inspector-General or other relevant law enforcement authority, any evidence of an offence by the debtor under the Act.

Conditional registration

3.44 The decision of the Inspector-General may be to register an applicant with conditions. These may include:

       * Completion of additional studies. For example, the applicant may have substantially completed the minimum course of study but is yet to receive the final results.

       * Installation of further systems, controls and practices within a set timeframe.

       * Limiting the number of administrations that can be active because the current business systems and controls suggest they are equipped to deal only with a limited number of administrations.

3.45  The requisite condition for a company is that the person with overall management responsibility for debt agreement activities is registered as an administrator.
3.46 Applications can be made for removal of conditions imposed by the Inspector-General in the approved form. In this instance, the Inspector-General will advise of their requirements concerning any further documents and a further interview