Document ID: chunk:federal_register_of_legislation:F2022C00672:body:0:p9
Version: federal_register_of_legislation:F2022C00672
Segment Type: other
Provision Reference: 
Character Range: 22212–25211

the practice of bankruptcy law generally; and
 (b) that an administration to which these standards apply is carried out consistently at a high level.

42‑4A  Compliance with standards by trustee's employees
  A registered trustee must ensure that his or her employees comply with this Division.

Subdivision A—Standards for registered trustees generally

42‑5  Application of this Subdivision
  This Subdivision applies in relation to registered trustees in the administration of regulated debtors' estates.

42‑10  Trustees to act honestly and impartially
 (1) A registered trustee must act honestly and impartially in relation to each administration.
 (2) Without limiting subsection (1), a registered trustee must not make or sign a document that the trustee knows, or ought reasonably to know, is false or misleading in a material particular.
 (3) The trustee must not include in any document prepared by the trustee a clause that disclaims the trustee's responsibility for the document's authenticity.

42‑15  Communication
 (1) Communications by a registered trustee must be:
 (a) clear and concise and, where appropriate, expressed in lay terms; and
 (b) objective; and
 (c) responsive; and
 (d) timely; and
 (e) expressed in a professionally courteous tone and manner.
 (2) A registered trustee must take care to ensure that all communications, including reports (whether issued personally or by delegation) are accurate and do not omit or obscure information required to be included or relevant to users of the communication.
 (3) A registered trustee must preserve confidential information where necessary, unless disclosure of such information is required by law.

42‑20  Conflict of interest
  If, during an administration, it becomes apparent that the registered trustee has an actual or potential conflict of interest in relation to the administration, the trustee must, as soon as practicable after becoming aware of the conflict of interest:
 (a) notify the creditors, the person who appointed the trustee, a committee of inspection or the Court, as appropriate, of the conflict of interest; and
 (b) take appropriate steps to avoid the conflict of interest.

42‑30  Preliminary inquiries and actions
  A registered trustee must undertake preliminary inquiries and actions at the start of each administration, including the following:
 (a) informing the regulated debtor (or legal personal representative in the case of a deceased debtor) of the debtor's obligations under the Act and the penalties for failing to comply with those obligations;
 (b) obtaining and reviewing the statement of affairs of the regulated debtor;
 (c) if necessary, interviewing the regulated debtor (or legal personal representative in the case of a deceased debtor) to clarify any matters in the statement of affairs;
 (d) identifying and making an assessment of realisable assets that could be expected to:
 (i) provide, on a cost‑benefit basis, a return to creditors; or
 (ii) contribute to the payment