You will require this registration if you intend to act as a bankruptcy trustee and administer the estates of bankrupts and other insolvent debtors. This involves providing services such as:
- Selling property;
- Notifying the bankrupt's creditors of the bankruptcy;
- Investigating the disposition of property;
- Determining the sums owing to creditors;
- Holding creditors' meetings;
- Reporting to creditors;
- Distributing dividends to creditors; and
- Referring alleged offences under the legislation to the appropriate authority.
Trustees are required to comply with the specified Performance Standards for Trustees.
Please consult the Contact Officer for more information.
A licence defines the need to obtain recognition / certification and registration to undertake a certain business activity.
To be eligible for this registration you must:
- Submit a statement setting out your experience, knowledge and abilities. You are required to have been engaged in relevant employment on a full-time basis for a total of not less than 2 years in the preceding 5 years;
- Submit an original certificate (or certified copy) demonstrating that you have completed the academic requirements for the award of a degree, diploma or similar qualification from an Australian university or college of equivalent standard that includes an Accounting and Commerical Law course;
- Submit two referee reports attesting to your current knowledge and ability;
- Satisfy the Agency that you are suitable to be registered as a trustee;
- Lodge the application on the prescribed form; and
- Submit the prescribed application fee.
Please consult the Contact Officer for more information regarding eligibility requirements.
Registration for first 3 years: $1 300.
Australian Financial Security Authority
Regulation and Enforcement
Bankruptcy Act 1966 (Australian Government)
Bankruptcy Regulations 1996 (Australian Government)
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