Insolvency and related law and policy, and more

Michael Murray is an Australian author and commentator on corporate and personal insolvency law and related issues, in Australia and internationally. He has a strong law and policy background, is independent of any connections, and his views are his own. He gives no legal advice. 

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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