Document ID: chunk:federal_register_of_legislation:F2022C00672:body:0:p7
Version: federal_register_of_legislation:F2022C00672
Segment Type: other
Provision Reference: 
Character Range: 16820–19730

under section 20‑15 of the Insolvency Practice Schedule (Bankruptcy) must be satisfied that the applicant has each of the following qualifications, experience, knowledge and abilities:
 (a) the applicant has completed the academic requirements for the award of a tertiary qualification that includes at least 3 years of full‑time study (or its equivalent) in commercial law and accounting;
 (b) the applicant has completed the academic requirements for at least 2 course units accredited under the Australian Qualifications Framework Level 8 (or equivalent study) in the practice of external administrators of companies, receivers, receivers and managers, and trustees under the Act;
 (c) during the 5 years immediately preceding the day on which the application is made, the applicant has been engaged in at least 4,000 hours of relevant employment at senior level;
 (d) the applicant has demonstrated the capacity to perform satisfactorily the functions and duties of a registered trustee;
 (e) the applicant is able to satisfy any conditions to be imposed under the Insolvency Practice Schedule (Bankruptcy), if the applicant is registered as a trustee.
 (3) For the purposes of paragraph (2)(c), relevant employment must include:
 (a) employment that involves any of the following:
 (i) assisting a registered trustee in the performance of the registered trustee's duties as trustee under the Act;
 (ii) providing advice in relation to matters under the Act; and
 (b) employment that provides direct or indirect exposure to any of the following:
 (i) the external administration of companies, receivership or receivership and management;
 (ii) the restructuring of companies or the giving of advice in relation to the restructuring of companies.

20‑5  Conditions on registration of trustees
 (1) This section is made for the purposes of section 20‑35 of the Insolvency Practice Schedule (Bankruptcy).
 (2) It is a condition on the registration of any person as a registered trustee 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 trustee; and
 (ii) each subsequent period of 3 years during which the person is registered as a trustee; and
 (b) at least 30 hours of the 120 hours of continuing professional education is capable of being objectively verified by a competent source.
 (4) It is a condition on the registration of any person whose registration as a trustee 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 trustee before the suspension takes effect.

20‑10  Prescribed amount of notified estate charges
 (1)