Document ID: chunk:federal_register_of_legislation:C2025C00167:schedule:2:p5
Version: federal_register_of_legislation:C2025C00167
Segment Type: schedule
Provision Reference: sch 2 (pt 5/95)
Character Range: 874203–877229

take further disciplinary action on the decision of a committee.
      Industry bodies may notify the Inspector‑General where they suspect there are grounds for disciplinary action.
      Court powers
      The Court has broad powers to make orders in relation to registered trustees (including imposing conditions on registration).

10‑5  Working cooperatively with ASIC
  In performing his or her functions and exercising his or her powers under this Act in relation to persons who are, have been or may become both registered trustees under this Act and registered liquidators under the Corporations Act 2001, the Inspector‑General must work cooperatively with ASIC.

Division 15—Register of trustees

15‑1  Register of Trustees
 (1) The Inspector‑General must establish and maintain a Register of Trustees.
 (2) The Register of Trustees may be kept in any form that the Inspector‑General considers appropriate.
 (3) The Insolvency Practice Rules may provide for and in relation to the Register of Trustees.
 (4) Without limiting subsection (3), the Insolvency Practice Rules may provide for and in relation to:
 (a) the details to be entered on the Register of Trustees; and
 (b) the parts of the Register that are to be made available to the public.
 (5) Without limiting paragraph (4)(a), those details may include:
 (a) details of any disciplinary action decided by a committee under section 40‑55; and
 (b) details of persons who have had their registration as a trustee under this Act suspended or cancelled.

Division 20—Registering trustees

Subdivision A—Introduction

20‑1  Simplified outline of this Division

      An individual may apply to the Inspector‑General to be registered as a trustee. The application will be referred to a committee, which will assess the application against specified criteria (the applicant's qualifications, conduct and fitness and whether the applicant will take out appropriate insurance). The committee will report its decision to the Inspector‑General and, if the committee decides that the applicant should be registered, the Inspector‑General will register the applicant as a trustee.
      A registration may be subject to conditions. Conditions may be imposed on a particular registered trustee by the committee, or on all registered trustees or a class of registered trustees by the Insolvency Practice Rules. A registered trustee may apply to the Inspector‑General to have a condition imposed by a committee removed or varied. That application will be referred to a committee.
      Registration is for 3 years, but may be renewed. An application for renewal may be made to the Inspector‑General within specified time periods.
      A decision of a committee about an application for registration or about a condition of registration is reviewable by the Administrative Review Tribunal (see Division 96 of this Schedule).

Subdivision B—Registration

20‑5  Application for registration
 (1) An individual may apply to the Inspector‑General to be registered as a trustee.