Document ID: chunk:federal_register_of_legislation:F2016L01926:clause:11_54:p1
Version: federal_register_of_legislation:F2016L01926
Segment Type: clause
Provision Reference: sch 11 cl 54 (pt 1/3)
Character Range: 13262–16091

54  Part 8
Repeal the Part, substitute:

Part 8—Trustees

Division 1—Consent to act, and appointment, as trustee of estate

8.01  Consent to act as trustee—subsection 156A(1) of the Act
  A trustee who signs an instrument under subsection 156A(1) of the Act in relation to a debtor must file the instrument with the Official Receiver:
 (a) if the Court makes a sequestration order against the debtor's estate—not later than 2 business days after the day on which the order is made; or
 (b) otherwise—as soon as practicable after signing it.

8.02  Certificate of appointment under subsection 156A(3) of the Act
  Where a registered trustee becomes, under subsection 156A(3) of the Act, the trustee of an estate or of joint and separate estates, the Official Receiver may give the registered trustee a certificate to that effect.

Division 2—Controlling trustees other than Official Trustee or registered trustees

8.35  Eligibility of controlling trustees, other than Official Trustee or registered trustees
 (1) For the purposes of subsection 188(2A) of the Act, a person (other than the Official Trustee or a registered trustee) is not eligible to act as a controlling trustee if the person:
 (a) is convicted of a criminal offence involving fraud or dishonesty, or was so convicted within the 10 years before the proposed authorisation; or
 (b) is not insured against the liabilities the person may become subject to as a controlling trustee; or
 (c) is a solicitor who no longer holds a practising certificate; or
 (d) is an undischarged bankrupt or insolvent under administration, or became a party (as debtor) to a debt agreement or a Part X administration within the 10 years before the proposed authorisation; or
 (e) is a person who the Inspector‑General decides under subregulation (3) has failed to properly exercise powers or carry out duties or to cooperate with an inquiry or investigation, or in relation to whom such a decision was made within the 3 years before the proposed authorisation; or
 (f) either:
 (i) is not a full member of the Australian Restructuring Insolvency and Turnaround Association; or
 (ii) has not satisfactorily completed a course in insolvency approved by the Inspector‑General.
 (2) The Inspector‑General may approve a course in insolvency by notice published on the Australian Financial Security Authority's website.
 (3) In addition to subregulation (1), a person who is, or has been, a controlling trustee is not eligible to act as a controlling trustee if the Inspector‑General determines that the person:
 (a) has failed to properly exercise the powers, or carry out the duties, of a controlling trustee; or
 (b) has refused, or failed to cooperate with the Inspector‑General in an inquiry or investigation under paragraph 12(1)(b) of the Act.
 (4) If the Inspector‑General forms an