Document ID: chunk:federal_register_of_legislation:C2018A00118:clause:3_13
Version: federal_register_of_legislation:C2018A00118
Segment Type: clause
Provision Reference: sch 3 cl 13
Character Range: 36837–38157

13  Subsection 186C(5)
Repeal the subsection, substitute:
 (5) If:
 (a) the applicant is a company; and
 (b) the application is by way of renewal;
the Inspector‑General must approve the application if the Inspector‑General is satisfied that:
 (c) the applicant has produced evidence in writing to the Inspector‑General that the applicant maintains:
 (i) adequate and appropriate professional indemnity insurance; and
 (ii) adequate and appropriate fidelity insurance;
  against the liabilities that the applicant may incur working as a registered debt agreement administrator; and
 (d) the applicant does not owe more than the prescribed amount of notified estate charges.
Otherwise the Inspector‑General must refuse to approve the application.
Note: For notified estate charge, see subsection (5A).

When a notified estate charge is owed
 (5A) A person owes a notified estate charge if:
 (a) the person owes either of the following:
 (i) a charge under the Bankruptcy (Estate Charges) Act 1997 (the estate charge);
 (ii) a penalty under section 281 (late payment penalty) of this Act in respect of that charge; and
 (b) the Inspector‑General notified the person of the unpaid estate charge at least 1 month and 10 business days before the person's registration as a debt agreement administrator ceases to be in force.