Regulation snap-shot

July 2018 to June 2019

9 new insolvency practitioners registrations [?] approved 177 applications for Inspector-General reviews [?] finalised
 31 inspections [?] finalised 26 creditor meetings [?] attended by AFSA
 348 complaints against insolvency practitioners [?] finalised 107 Insolvency advertisements reviewed 

Registrations

Trustees

During the year, there were 2 applications for individuals to become a registered trustee approved.

9 trustees resigned/retired during the year.

1 trustee has been involuntarily deregistered.

3 trustees received show cause notices to explain why their registration should continue.

Find more information about registration of trustees in Inspector-General Practice Statement 13.

Debt agreement administrators

During the year, there were 7 registration applications approved for debt agreement administrators.

3 debt agreement administrators resigned/retired during the year.

1 debt agreement administrator received a show cause notice to explain why their registration should continue.

Find more information about registration of debt agreement administrators in Inspector-General Practice Statement 4.

Inspections

The errors most commonly found during inspections were:

· Property, income and asset errors (24)

· Inadequate communication by trustee (11)

· Unreasonable delays in timely action leading to delays in distribution (10)

· Failure to maintain proper records (9)

Find more information about our inspection program in Inspector-General Practice Statement 11.

Complaints against practitioners

During the year, 348 complaints were finalised. Of these, 14 were found to be justified.

The most common complaints made were:

· Lack of information or communication (70)

· Inappropriate conduct or conflict of interest (68)

· Decisions concerning assets (66)

The most common justified complaints made were:

· Lack of information or communication (4)

· Creditor claims and dividends (3)

Decisions concerning assets (2)

Income and contribution liability assessments (2)

Find more information about our complaint handling process in Inspector-General Practice Statement 10.

Inspector-General reviews

During the year, we finalised 177 applications for review by the Inspector-General in Bankruptcy of trustee decisions. Of these, 28 trustee decisions were overturned.[1]

The decisions overturned were:

· Objection to discharge of a bankrupt (16)

· Income assessment of a bankrupt (8)

· Remuneration review (2)

· Third party cost review (2)

Find more information about reviews of trustee decisions in Inspector-General Practice Statement 12.

Meetings of creditors

During the year, we attended 26 creditor meetings. We intervened at, or prior to, 24 meetings of creditors.

The most common reasons for intervening were:

· To provide guidance to the trustee (13)

· Further investigations needing to be undertaken (5)

· Proposal amended to include priorities (3)

Please note, these are preliminary results for the year and due to the timing of the completion of matters may be subject to change—particularly when considered in the context of annual results.

 


 

[1] Overturned includes all decisions that were cancelled or varied.