Do you really want to renew your trustee registration under this new law?

It’s a matter for you but if you do, here is the application for renewal – form 31, from AFSA, an old fashioned print and fill out form.

But it does not apply until 1 March 2017.

From that date, a trustee may apply to have their registration renewed but before their registration ends.

At least 1 month before the registration ends, the trustee must pay the renewal fee of [tba]. If it is not paid, an extra 20% is payable by way of penalty.

The Inspector-General must renew your registration where the application is lodged in time, you have produced evidence in writing that you have adequate and appropriate professional indemnity and fidelity insurance; you have met your CPD requirements of 40 hours per year; you have paid the renewal fee and any late payment penalty; and you don’t owe more than $500 of notified estate charges: s 20-75.

The Inspector-General is to record your re-registration on the Register of Trustees, and a certificate of registration is issued. This has effect for 3 years. 

A person owes a notified estate charge if they owe either a charge under the Bankruptcy (Estate Charges) Act 1997, or a late payment penalty under s 281. The Inspector-General must have notified them of the unpaid estate charge at least one month and 10 business days before their registration as a trustee ceased to have effect: s 20-75(7)]

 

 

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