To be eligible for this registration you must:
- complete a Form 10 - Application for registration as a trustee
- have engaged in at least 4,000 hours of relevant employment at a senior level in the preceding five years
- provide proof of qualifications
- meet fit and proper requirements for personal insolvency practitioners
- provide two referee reports attesting to your current knowledge and ability, dated no more than 3 months prior to the date of application
- provide two referee reports attesting to you being a fit and proper person in business who displays honesty, integrity, diligence, judgment, and good character (the referees used may be the same as those attesting to current knowledge and ability)
- offer a statement setting out your experience, knowledge, and abilities
- provide a National Police Certificate issued by the Australian Federal Police, covering the 10 year-period prior to you making the application
- have an overseas police check from any country where you have been a resident for at least one year in the last 10 years
- demonstrate that if you are an employee, you will have independence and be free from influence from your employer in discharging your duties
- pay the prescribed application fee.
Registered trustees are required to maintain the utmost professionalism, independence, impartiality, honesty and ethics in their dealings. They are considered officers of the Court and, in exercising powers and discretions and making decisions, no lesser standard is to be expected of them than of a Court or judge.
Trustees play a central role in the administration of estates and are under a general duty to exercise the powers in such a way that the objects of the Bankruptcy Act, including those of equality between creditors and fairness to bankrupts and debtors are served.
Registered trustees also have statutory duties set out in the Bankruptcy Act. They have a fundamental duty when administering an estate to carry out certain investigations and undertake certain tasks and functions as set out in section 19 of the Bankruptcy Act.
Trustees are also required to maintain proper accounts and records, have proper money-handling processes and assist when required with inquiries or investigations conducted by the Inspector-General.
Trustees must comply with the specified Standards for Trustees.
