|
|
ITSA Practices & Policies
|
|
The documents accessed through this webpage are ITSA’s current policies and practices outlining how ITSA exercises its powers and performs its functions; and regulatory practice statements which provide direction and guidance to regulated entities, outlining ITSA’s expectations on how legislation should be interpreted.
Prior superceded Inspector-General directions issued on legal, procedural and technical matters are available on the IG Direction page.
ITSA administers the Bankruptcy Act 1966 and related legislation. The legislation creates the statutory roles of the Inspector General, the Official Receiver and the Official Trustee within ITSA. The roles of each of these entities are described here.
Draft Practice Statements / Directions issued for consultation |
| Title | Expected to be released as final | Available DRAFT |
Draft Official Receiver Practice Statement:
Bankruptcy by Creditors Petition | 1 October 2010 | ORPS 3 |
Draft Official Receiver Practice Statement:
Declaration of Intention to Present a Debtor’s Petition (includes draft forms) | 1 October 2010 | ORPS 1 |
Draft Official Receiver Practice Statement:
Filing of a Statement of Affairs and Issue of s77CA Notices by the Official Receiver (includes draft form) | 1 October 2010 | ORPS 10 |
Draft Inspector-General Practice Statement:
Referring Offences Against the Bankruptcy Act 1966 to the Inspector-General | 1 October 2010 | IGPS 14.1 |
Draft Inspector-General Practice Statement 18:
Issuing of Infringement Notices by the Inspector-General in Bankruptcy | 1 October 2010 | IGPS 18 |
Draft Inspector-General Practice Direction 18:
Trustee Remuneration Notifications | 1 October 2010 | IGPD 18 |
Draft Inspector-General Practice Statement 15:
Assessment by the Inspector-General in Bankruptcy of a Registered Trustee’s request for approval of remuneration pursuant to section 162 | 1 October 2010 | IGPS 15 |
Draft Inspector-General Practice Statement 16:
Reviewing Remuneration of Trustees and Costs of Third Party Service Providers | 1 October 2010 | IGPS 16 |
Feedback on the draft Practice Statements and Practice Directions is invited by Friday, 24 September 2010 and can be emailed to ITSA.National@itsa.gov.au
Inspector-General Practice Statements (IGPS)
These documents give guidance to regulated entities by explaining when and how the Inspector-General in Bankruptcy will exercise specific powers under the Bankruptcy Act, describing the principles underlying the Inspector-General’s approach and the Inspector-General’s expectation of practitioners.
Inspector-General Practice Directions (IGPD)
These documents are to assist regulated entities by explaining how the law should be interpreted, giving both guidance and direction on specific insolvency practice.
Official Receiver Practice Statements (ORPS)
The Official Receiver Practice Statements describe the way ITSA performs functions and exercises powers conferred on the Official Receiver under the Bankruptcy Act and related legislation.
Debt Agreement Practice Statements (DAPS)
The Debt Agreement Practice Statements describe the way ITSA performs functions and exercises powers conferred on the Official Receiver under the Bankruptcy Act and related legislation including powers in relation to debt agreements.
Official Trustee Practice Statements (OTPS)
The Official Trustee statements describe how ITSA carries out its trustee duties under the Bankruptcy Act and how decisions are made in the administration of bankrupt estates.
Inspector-General Practice Statements (IGPS)
These documents give guidance to regulated entities by explaining when and how the Inspector-General in Bankruptcy will exercise specific powers under the Bankruptcy Act, describing the principles underlying the Inspector-General’s approach and the Inspector-General’s expectation of practitioners.
These statements and directions will be regularly reviewed and updated to reflect changes in the law or to our organisational structure, policies or procedures as required. Some of the statements are under development and indicative release dates are shown in the schedule below.
If you have any comments, suggestions or queries on a matter referred to in these Practice Statements, please contact us at any time by email at br.qld@itsa.gov.au or by mail addressed to:
Practice Manager – Bankruptcy Regulation branch
Insolvency & Trustee Service Australia
PO Box 10443
ADELAIDE STREET BRISBANE QLD 4000^Top of Page
| Schedule of Inspector-General Practice Statements |
| Title | Document Status | IGPS Number |
| Regulatory framework | Revised February 2010 | IGPS 1 |
| Regulation of trustees and debt agreement administrators | Issued March 2007 | IGPS 2 |
Registered trustee registration process | Superseded by IGPS13 | IGPS 3 |
| Guidelines for registration as a debt agreement administrator | Issued March 2007 | IGPS 4 |
| Funding for trustees under Section 305 | Issued February 2006 | IGPS 5 |
| Referral of offences for rash and hazardous gambling under Section 271 | Revised April 2010 | IGPS 6 |
| Annual estate returns | Revised July 2010 | IGPS 7 |
| Involuntary cancellation of trustee registration | Issued January 2009 | IGPS 8 |
| Involuntary cancellation of administrator registration | Issued January 2009 | IGPS 9 |
| Complaint handling process for complaints against bankruptcy trustees and debt agreement administrators | Issued October 2008 | IGPS 10 |
| Monitoring and inspection of bankruptcy trustees and debt agreement administrators | Issued September 2008 | IGPS 11 |
| Statutory Reviews of trustees’ decisions under the Bankruptcy Act 1966 by the Inspector-General in Bankruptcy | Issued December 2008 | IGPS 12 |
| Becoming registered as a trustee in bankruptcy | Issued June 2008 | IGPS 13 |
| Referral of offences against the Bankruptcy Act 1966 to the Inspector-General | Issued February 2010 | IGPS 14 |
 | | |
Inspector-General Practice Directions (IGPD)
These documents are to assist regulated entities by explaining how the law should be interpreted, giving both guidance and direction on specific insolvency practice.
These statements and directions will be regularly reviewed and updated to reflect changes in the law or to our organisational structure, policies or procedures as required. Some of the statements are under development and indicative release dates are shown in the schedule below.
If you have any comments, suggestions or queries on a matter referred to in these Practice Statements, please contact us at any time by email at br.qld@itsa.gov.au or by mail addressed to:
Practice Manager – Bankruptcy Regulation branch
Insolvency & Trustee Service Australia
PO Box 10443
ADELAIDE STREET BRISBANE QLD 4000^Top of Page
| Schedule of Inspector-General Practice Directions |
| Title | Document Status | IGPD Number |
| Trustees fiduciary duties1 | Issued June 2008
Superceded by IGPD14 | IGPD 1 |
| Collection of realisations and interest charges | Issued November 2007 | IGPD 2 |
| What constitutes an expense of a registered debt agreement administrator | Issued April 2007 | IGPD 3 |
| Meeting procedure and section 73 proposals | Revised January 2009 | IGPD 4 |
| To be advised | To be advised | IGPD 5 |
| Trustee remuneration practices | Issued June 2008 | IGPD 6 |
| Trustee remuneration practices | Revised January 2010 | IGPD 6.1 |
Trustee remuneration – Requesting up front fees from debtors | See IGPD6 | IGPD 7 |
| Solicitor controlling trustees eligibility requirements | Issued October 2009 | IGPD 8 |
| Standards for trustees and controlling trustees | Issued December 2004 | IGPD 9 |
| What is a secured creditor in a debt agreement | Issued August 2009 | IGPD 10 |
| Objections practice | Issued September 2009 | IGPD 11 |
| Controlling trustee role and duties | Issued February 2010 | IGPD 12 |
| RDAA Certifications - Guidelines relating to certification requirements | Revised February 2010 | IGPD 13 |
| Proper Performance of Duties of a Trustee1 | Issued March 2010 | IGPD 14 |
| RDAA Accounting requirements - Guidelines relating to keeping proper accounts | Revised February 2009 | IGPD 15 |
| RDAA Accounting requirements - Guidelines relating to keeping proper accounts | Revised February 2010 | IGPD 15.1 |
| Guidelines relating to Administrator duty to notify Official Receiver of 6 month arrears default | Issued May 2009 | IGPD 16 |
| Guidelines relating to Administrator duty to notify creditors of 3 month arrears default | Revised February 2010 | IGPD 17 |
| ITSA Website Advertising of Meetings of Creditors | Issued September 2010 | IGPD 21 |
1 Superceded by IGPD 14 effective 30 March 2010
Official Receiver Practice Statements (ORPS)
The Official Receiver Practice Statements will be regularly reviewed and updated to reflect changes in the law or to our organisational structure, policies or procedures as required. Some of the statements are under development and indicative release dates are shown in the schedule below.
If you have any comments, suggestions or queries on a matter referred to in the Bankruptcy Registry Practice Statements, please contact us at any time by email at jerry.white@itsa.gov.au or by mail addressed to:
Business Manager – Information Registry
Insolvency & Trustee Service Australia
GPO Box H536
PERTH WA 6841
| Schedule of Official Receiver Practice Statements |
| Schedule of Bankruptcy Registry and Compliance Official Receiver Practice Statements |
| Title | Document Status | ORPS Number |
| Declaration of intention to present a debtor’s petition | Updated August 2008 | ORPS 1 |
| Bankruptcy by debtors petition | Updated August 2008 | ORPS 2 |
| Bankruptcy by creditors petition | To be advised | ORPS 3 |
| Setting up a Personal Insolvency Agreement | Revised August 2010 | ORPS 4 |
| Insolvent deceased estate (Part XI of the Bankruptcy Act) | Revised August 2010 | ORPS 5 |
| Issuing a bankruptcy notice | Revised August 2010 | ORPS 6 |
| Issuing an official receiver notice | Revised July 2010 | ORPS 7 |
| Maintaining the national personal insolvency index (NPII) | Revised August 2010 | ORPS 8 |
| Inspecting documents filed with the official receiver (Searching the public record) | Revised June 2010 | ORPS 9 |
Debt Agreement Practice Statements (DAPS)
The Debt Agreement Practice Statements will be regularly reviewed and updated to reflect changes in the law or to our organisational structure, policies or procedures as required.
If you have any comments, suggestions or queries on a matter referred to in the Debt Agreement Practice Statements, please contact us at any time by email at andrew.robinson@itsa.gov.au or by mail addressed to:
National Manager – Debt Agreement Service
Insolvency & Trustee Service Australia
PO Box 10443 Adelaide Street
BRISBANE QLD 4000 ^Top of Page
| Schedule of Official Receiver Practice Statements |
| Schedule of Debt Agreement Official Receiver Practice Statements |
| Title | Document Status | DAPS Number |
| Who is eligible to propose a debt agreement | Issued July 2008 | DAPS 1 |
| When a debt agreement proposal is acceptable | Issued July 2008 | DAPS 2 |
| Voting on proposals and proposal to vary and terminate | Issued July 2009 | DAPS 3 |
| Cancellation of DAP | Issued July 2008 | DAPS 4 |
| Proposal to vary | Issued July 2008 | DAPS 5 |
| Proposal to terminate | Issued July 2008 | DAPS 6 |
| Six month arrears default | Issued July 2008 | DAPS 7 |
| Completion of a debt agreement | Issued July 2008 | DAPS 8 |
| Replacing a debt agreement administrator | Issued July 2008 | DAPS 9 |
| When does the Debt Agreement Proposal Lodgement Fee apply? | Issued July 2010 | DAPS 10 |
Official Trustee Practice Statements (OTPS)
The Official Trustee’s Practice Statements describe the way in which the Official Trustee approaches the administration of bankrupt estates and other arrangements under the Bankruptcy Act. These Statements are not issued as directions or instructions to trustees on how matters should be administered. They are intended to provide an indication to debtors and creditors of what they should expect from the Official Trustee.
Further practice statements will be published as they are developed.
If you have any comments or questions on a matter referred to in these Practice Statements, please contact ITSA at any time by email to cheryl.cullen@itsa.gov.au or by post addressed to:
National Manager Trustee Services
Insolvency & Trustee Service Australia
GPO Box 2851
MELBOURNE VIC 3001
| Schedule of Official Trustee Practice Statements |
| Title | Document Status | OTPS Number |
| Income contributions | Issued February 2008 | OTPS 1 |
| Bank Accounts - Application of Section 125 of the Bankruptcy ACT 1966 where estate is administered by the Official Trustee | Issued July 2009 | OTPS 2 |
| * Need more help? |
Documents can be downloaded in PDF.
Should you have difficulty in reading, printing or downloading these documents, please email webmanager@itsa.gov.au for further assistance.
For all other enquiries, please email info@itsa.gov.au.
Portable Document Format (PDF)
Portable document format, or PDF, is a document format created by Adobe which is platform independent.
To open, view and print PDF files, you will need Adobe Acrobat Reader 4.0 or greater, which is available free from the Adobe website (external link.). |
|
About Us |