Insolvency Practitioners Regulation Act 2019

5 Interpretation

(1)

In this Act, unless the context otherwise requires,—

accredited body means a person that is, or 2 or more persons acting jointly together that are, granted accreditation under subpart 4 of Part 2

company has the meaning given to it by section 240(1A) of the Companies Act 1993

court means the High Court

disciplinary body means, in relation to an accredited body, the tribunal, committee, or other body that has been—

(a)

set up to take disciplinary action in respect of the members of the accredited body; and

(b)

approved by the Registrar to act as the disciplinary body

firm, in relation to an insolvency practitioner, means a partnership or body corporate—

(a)

of which the insolvency practitioner is a partner, a director, or an employee; and

(b)

that carries on the business of providing insolvency services (whether or not it provides other services)

insolvency engagement includes any work or function that is part of acting as an insolvency practitioner

insolvency practitioner means any of the following:

(a)

an administrator or a deed administrator (as those terms are defined in section 239B of the Companies Act 1993):

(b)

an insolvent company liquidator:

(c)

a receiver (as defined in section 2(1) of the Receiverships Act 1993):

(d)

a trustee or provisional trustee appointed under subpart 2 of Part 5 of the Insolvency Act 2006

insolvent company liquidator

(a)

means a liquidator acting in respect of a company; but

(b)

does not include a liquidator acting in respect of a solvent company

lawyer has the meaning given to it by section 6 of the Lawyers and Conveyancers Act 2006

licence means a licence issued by an accredited body under subpart 1 of Part 2

licensed insolvency practitioner means a person who holds a licence (and includes an overseas insolvency practitioner to whom section 10(1) applies)

member, in relation to an accredited body, includes a person to whom section 57 applies

Minister means the Minister of the Crown who, under the authority of any warrant or with the authority of the Prime Minister, is for the time being responsible for the administration of this Act

overseas insolvency practitioner means a person who is entitled to carry out insolvency work in—

(a)

Australia; or

(b)

a recognised jurisdiction

prescribed minimum standards means the minimum standards for the issue of a licence prescribed under subpart 2 of Part 2

qualified statutory accountant has the meaning given to it by section 5(1) of the Financial Reporting Act 2013

recognised jurisdiction means a jurisdiction that is recognised, by notice, by the Registrar in accordance with subsection (3) for the purposes of this Act

register means the register kept under subpart 3 of Part 2

Registrar means the Registrar of Companies appointed in accordance with section 357(1) of the Companies Act 1993

regulations means any regulations made under this Act

regulatory function includes any of the following functions that are performed by an accredited body or a disciplinary body of an accredited body (to the extent that those functions relate to, or are in connection with, persons who apply for, hold, or have held a licence):

(a)

considering applications for licences, issuing licences, and setting conditions of licences:

(b)

adopting, implementing, and monitoring codes of conduct or ethics:

(c)

monitoring compliance with any relevant standards relating to insolvency engagements:

(d)

promoting, monitoring, and reviewing the ongoing competence of members:

(e)

inquiring into the conduct of members:

(f)

investigating complaints against members and former members:

(g)

hearing complaints about, and taking disciplinary action against, members and former members:

(h)

dealing with appeals against decisions of the disciplinary body

regulatory systems means, in relation to an accredited body or a disciplinary body of an accredited body, the relevant body’s systems and processes for performing its regulatory functions

relevant authority has the meaning given to it by section 16(1)

solvent company means a company to which section 243A of the Companies Act 1993 applies

solvent company liquidator means a liquidator appointed in respect of a solvent company.

(2)

In this Act, unless the context otherwise requires, regulatory systems are adequate and effective if they are designed and operate in a manner that promotes—

(a)

quality, expertise, and integrity in the profession of insolvency practitioners; and

(b)

compliance with the statutory duties of insolvency practitioners.

(3)

The Registrar may recognise a jurisdiction for the purposes of this Act only if the Registrar is satisfied that the law or other regulatory requirements of the jurisdiction for the regulation of persons carrying out insolvency work are substantially the same as the requirements set out in this Act or sufficiently equivalent to the requirements set out in this Act.

(4)

A notice recognising a jurisdiction made in accordance with subsection (3) is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

Legislation Act 2019 requirements for secondary legislation made under this section
PublicationThe maker must publish it in the GazetteLA19 ss 73, 74(1)(a), Sch 1 cl 14
PresentationIt is not required to be presented to the House of Representatives because a transitional exemption applies under Schedule 1 of the Legislation Act 2019LA19 s 114, Sch 1 cl 32(1)(a)
DisallowanceIt may be disallowed by the House of Representatives LA19 ss 115, 116
This note is not part of the Act.

Section 5(1) recognised jurisdiction: amended, on 28 October 2021, by section 3 of the Secondary Legislation Act 2021 (2021 No 7).

Section 5(4): amended, on 28 October 2021, by section 3 of the Secondary Legislation Act 2021 (2021 No 7).