Regulation snap-shot

July to September 2018 quarter

4 new insolvency practitioners registrations [?] approved 36 applications for Inspector-General reviews [?] finalised
3 inspections [?] finalised 7 creditor meetings [?] attended by AFSA
63 complaints against insolvency practitioners [?] finalised  

Registrations

Trustees

During the quarter, there were 0 applications for individuals to become a registered trustee[?] approved.

Four trustees resigned/retired or were deregistered during the quarter.

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

Debt agreement administrators

During the quarter, there were 4 registration applications approved for debt agreement administrators[?].

No debt agreement administrator resigned/retired or was deregistered during the quarter.

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

Inspections

The errors most commonly found during inspections were:

  • Inadequate communication by trustee (5)
  • Unreasonable delays in timely action leading to delays in distribution (4)
  • Failure to maintain proper records (4)

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

Complaints against practitioners

During the quarter, 63 complaints were finalised. Of these, 6 were found to be justified.

The most common complaints made were:

  • Lack of information or communication (18)
  • Decisions concerning assets (10)
  • Inappropriate conduct or conflict of interest (10)

The most common justified complaints made were:

  • Creditor claims and dividends (3)
  • Lack of information or communication (2)

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

Inspector-General reviews

During the quarter, we finalised 36 applications for review by the Inspector-General in Bankruptcy of trustee decisions. Of these, 8 trustee decisions were overturned1.

The decisions overturned were:

  • Income assessment of a bankrupt varied (4)
  • Objection to discharge of a bankrupt cancelled (3)
  • Remuneration review (1)

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

1 Overturned includes all decisions that were cancelled or varied.

Attending meetings of creditors

During the quarter, we intervened at, or prior to, 4 meetings of creditors.

The most common reasons for intervening were:

  • To provide guidance to the trustee (2)
  • Further investigations needing to be undertaken (1)
  • Proposal amended to include priorities (1)

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