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Insolvency Practice Rules (Bankruptcy) 2016
In force
Administered by
Department of the Treasury
This item is authorised by the following title:
Bankruptcy Act 1966
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F2017C00685 C01
30 August 2017
-
31 August 2017
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Part 1—Introduction
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Division 1—Introduction
1-1 Name
1-5 Commencement
1-10 Authority
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Division 5—Definitions
5-5 The Dictionary
5-10 What is a current registration?
5-15 Meaning of material personal interest
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Part 2—Registering and disciplining practitioners
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Division 15—Register of Trustees
15-1 Register of Trustees
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Division 20—Registering trustees
20-1 Qualifications, experience, knowledge and abilities required by applicants for registration
20-5 Conditions on registration of trustees
20-10 Prescribed amount of notified estate charges
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Division 35—Notice requirements
35-1 Events of which a registered trustee must notify the Inspector-General
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Division 40—Disciplinary and other action
40-1 Industry bodies that may notify the Inspector-General of grounds for disciplinary action
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Division 42—Standards for registered trustees
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Subdivision AA—Introduction
42-1 Authority
42-4 Purpose of Division
42-4A Compliance with standards by trustee’s employees
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Subdivision A—Standards for registered trustees generally
42-5 Application of this Subdivision
42-10 Trustees to act honestly and impartially
42-15 Communication
42-20 Conflict of interest
42-30 Preliminary inquiries and actions
42-35 Investigations and inquiries of matters affecting an administration
42-40 Realising assets
42-45 Ownership or interests in assets
42-50 Obtaining advice about interest or value
42-55 Disposal of property
42-60 Costs incurred to be necessary and reasonable
42-65 Rate for tasks undertaken by trustee’s staff
42-70 Keeping proper records in relation to work done
42-75 Need for meeting
42-80 Matters to be considered when holding a meeting
42-85 Attendance at meetings
42-90 Verifying payments and transfers
42-95 Separate accounts and records
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Subdivision B—Standards for trustees other than controlling trustees
42-120 Application of this Subdivision
42-125 Provable debts in a joint administration
42-130 Creditors’ views to be considered
42-135 Distribution of estate funds
42-140 Advice relating to dividends and administration
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Subdivision C—Standards for trustees of bankrupt estates
42-170 Application of this Subdivision
42-175 Identifying assets for vesting
42-180 Protecting certain assets
42-185 Income and contribution assessment
42-190 Monitoring payment of contributions
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Subdivision D—Standards for controlling trustees
42-210 Application of this Subdivision
42-215 Notification of administration
42-220 Investigating debtor’s property and income
42-225 Report to creditors
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Division 50—Part 2 committees
50-1 Authority
50-5 Part 2 committee may generally determine its own procedures
50-10 ARITA may appoint a member of a Part 2 committee
50-15 Knowledge and experience required of a member of a Part 2 committee appointed by ARITA
50-20 Chair of a Part 2 committee
50-25 Resignation of Part 2 committee members
50-30 Part 2 committee to be reconstituted—removing ARITA members
50-35 Part 2 committee to be reconstituted—removing members appointed by the Minister
50-40 Part 2 committee to be reconstituted—replacing members
50-45 Termination of consideration, and transfer, of a matter
50-50 Duty to disclose interests
50-55 Natural justice and rules of evidence
50-60 Decisions made at a meeting
50-65 Decisions made without a meeting
50-70 Keeping records of decisions
50-75 Inquiries by a Part 2 committee
50-80 Interviewing applicants
50-85 Interviewing trustees—proposed cancellation of registration
50-90 Decisions on disciplinary matters
50-95 Reports of a Part 2 committee
50-100 Industry disciplinary bodies to which a Part 2 committee may disclose information
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Part 3—General rules relating to estate administrations
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Division 60—Remuneration and other benefits received by the trustee
60-1 Authority
60-5 Circumstances in which the Inspector-General may determine remuneration
60-10 Application to the Inspector-General to determine remuneration
60-15 Matters to which the Inspector-General must have regard
60-20 Remuneration on a percentage basis—maximum percentage
60-25 Trustee administrator must not derive profit or advantage from the administration of the estate—exceptions
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Division 65—Funds handling
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Subdivision A—General rules
65-1 Administration account
65-5 Penalty interest
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Subdivision B—Review of third party bill of costs
65-20 Application for review of third party bill of costs
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Division 70—Information
70-1 Time for complying with reasonable requests
70-5 Notice requirements for unreasonable requests
70-10 Right of creditors to request information etc. from trustee
70-15 Right of individual creditor to request information etc. from trustee
70-17 Right of regulated debtor to request information etc. from trustee
70-30 Initial information and declarations required to be given to creditors
70-35 Initial remuneration notice
70-45 Reports about remuneration to be given before remuneration determinations are made
70-47 Remuneration claim notice
70-51 Declarations of relevant relationships must be kept up to date
70-55 Requests for information by the Commonwealth
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Division 75—Meetings
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Subdivision A—Preliminary
75-1 Authority
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Subdivision B—Convening meetings
75-5 When certain meetings must be convened
75-10 Persons to whom notice of meetings to be given
75-15 How notice of meetings to be given
75-20 Time for giving notice of meetings
75-25 Notice about voting by proxy and appointment of attorney
75-27 Additional rules for meetings under section 188 of Act
75-30 Time and place of meetings
75-35 Notice of electronic facilities for meetings
75-40 Notification of meetings to be lodged with Inspector-General etc.
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Subdivision C—Procedures at meetings
75-50 Presiding at meetings
75-55 Agenda
75-60 Tabling of documents at certain meetings of creditors etc.
75-65 Conducting meetings
75-70 Proposed resolutions and amendments of proposed resolutions
75-75 Participating in meetings by electronic means
75-80 Statement by creditor as to amount of debt
75-85 Entitlement to vote at meetings of creditors
75-90 Evidence relating to proof of debt
75-95 Evidence of liability for debt
75-100 Decisions in relation to entitlement to vote at creditors’ meeting
75-105 Quorum
75-110 Voting on resolutions
75-115 When a resolution is passed at a meeting of creditors after a poll is demanded
75-130 When a resolution is passed without a meeting of creditors
75-132 When a special resolution is passed at a meeting of creditors
75-137 When a special resolution is passed without a meeting of creditors
75-140 Adjournment of meetings of creditors
75-145 Minutes of meetings of creditors
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Subdivision D—Rules about proxies and attorneys
75-150 Appointment of proxies
75-155 Person may attend and vote by attorney
75-160 Voting by proxy or attorney on remuneration proposals
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Subdivision E—Additional rules for particular kinds of estates
75-170 Joint bankruptcies
75-175 Meetings in relation to compositions or arrangements
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Subdivision F—Other rules about meetings
75-250 Directions to trustee to convene a meeting—when reasonable and not reasonable
75-255 Notice requirements for unreasonable directions
75-260 Duties of trustee when presiding at meeting
75-265 Requirements relating to meetings to remove trustee of a regulated debtor’s estate
75-270 Substantial compliance with Division is sufficient
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Division 80—Committees of inspection
80-5 Eligibility and procedures
80-10 Resignation, removal and vacancies
80-15 Reasonable requests for information etc.
80-20 Time for complying with reasonable requests
80-25 Notice requirements for unreasonable requests
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Division 90—Review of the administration of a regulated debtor’s estate
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Subdivision A—Review by Inspector-General
90-1 Authority
90-5 Review of trustee remuneration on application
90-10 Application threshold
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Subdivision B—Conduct of reviews by Inspector-General
90-50 Preliminary
90-55 Conduct of review and powers
90-60 Non-compliance with directions
90-65 Decision of Inspector-General on review
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Subdivision C—Application to Court for review of administration
90-80 Time limit on certain applications to Court for review
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Endnotes
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history