2004-2005-2006-2007

 

 

 

THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA

 

 

 

 

SENATE

 

 

 

 

BANKRUPTCY LEGISLATION AMENDMENT (DEBT AGREEMENTS) BILL 2007

 

 

 

CORRECTION T0 THE

 

EXPLANATORY MEMORANDUM

 

 

 

 

Section 186N - Return of certificate of registration

 

At the end of paragraph 103 add:

 

“In line with the provisions currently applying to registered trustees, this will be an offence of strict liability.  It is appropriate that debt agreement administrators be subject to the same standards as registered trustees.  The registration system for administrators is largely based on that applying to trustees.  It is important that a trustee or administrator who is no longer registered, perhaps because they have been deregistered for failing to properly perform their duties, cannot use the certificate to hold themselves out to be still registered.”

 

 

 

 

 

(Circulated by authority of the Attorney-General,

the Honourable Philip Ruddock MP)