Section 186K — Bankruptcy Act 1966: Cancellation of an individual’s registration as a debt agreement administrator

Scope (1) This section applies in relation to an individual if the individual is a registered debt agreement administrator. Individual no longer passes the basic eligibility test (2) The Inspector-General must cancel the individual’s registration as a debt agreement administrator if the Inspector-General is satisfied that the individual no longer passes the basic eligibility test. Other grounds for cancellation of registration (3) The Inspector-General may ask the individual to give the Inspector-General a written explanation why the individual should continue to be registered as a debt agreement administrator, if the Inspector-General has reasonable grounds to believe that: (a) the individual no longer has the ability (including the knowledge) to satisfactorily perform the duties of an administrator in relation to a debt agreement; or (b) the individual has failed to properly carry out the duties of an administrator in relation to a debt agreement; or (c) the individual no longer has the qualifications or experience prescribed by regulations made for the purposes of paragraph 186C(2)(e); or (d) the individual has contravened a condition of the individual’s registration; or (e) the individual has ceased to have: (i) adequate and appropriate professional indemnity insurance; or (ii) adequate and appropriate fidelity insurance; against the liabilities that the individual may incur working as a registered debt agreement administrator; or (f) the individual is not a fit and proper person. (4) If: (a) the Inspector-General does not receive an explanation within 28 days of requesting it; or (b) receives an explanation, but is not satisfied with it; the Inspector-General may cancel the individual’s registration as a debt agreement administrator. Notice of cancellation (5) If the Inspector-General cancels, under subsection (2) or (4), an individual’s registration as a debt agreement administrator, the Inspector-General must give the individual written notice of the cancellation, and the reasons for it. Removal of registration details (6) If the Inspector-General cancels, under subsection (2) or (4), an individual’s registration as a debt agreement administrator, the Inspector-General must remove the individual’s registration details from the National Personal Insolvency Index. Guidelines (7) In deciding whether to cancel, under subsection (2) or (4), an individual’s registration as a debt agreement administrator, the Inspector-General must have regard to any relevant guidelines in force under section 186Q. Review (8) If the Inspector-General decides to cancel, under subsection (2) or (4), an individual’s registration as a debt agreement administrator, the individual may apply to the Administrative Review Tribunal for review of the decision.