Insolvency Practitioners Regulation Act 2019

10 Overseas practitioners deemed to have licence for 10 days from appointment

(1)

Despite section 8(1), a person who is an overseas insolvency practitioner may be appointed to act in respect of an insolvency engagement as if they were a licensed insolvency practitioner who, under this Act, is authorised to carry out the type of insolvency engagements that corresponds with the type of insolvency work that the person is entitled to carry out in the person’s home jurisdiction.

(2)

This Act, and any other enactment that relates to the carrying out of insolvency engagements, applies to the person—

(a)

as if the person were a licensed insolvency practitioner—

(i)

whose licence is recorded in the register; and

(ii)

who is authorised to act in respect of the type of insolvency engagements that correspond to the type of insolvency work that the person is entitled to carry out in the person’s home jurisdiction; and

(b)

as if the person were, from the date and time when they were appointed to act, a member of the accredited body to which the person applies for a licence; and

(c)

with any other necessary modifications.

(3)

Subsections (1) and (2) cease to apply if,—

(a)

10 days after the person is appointed, the person has not applied for a licence under section 9; or

(b)

the person’s application is declined.

(4)

If subsections (1) and (2) cease to apply, the person must be treated as having resigned from the insolvency engagement and section 283 of the Companies Act 1993 applies accordingly.

(5)

An accredited body that receives an application from an overseas insolvency practitioner must, as soon as practicable after receiving the application, send to the Registrar notification of the application together with any other prescribed information.

(6)

In this section, home jurisdiction, in relation to an overseas insolvency practitioner, means a jurisdiction—

(a)

that is Australia or a recognised jurisdiction; and

(b)

in which the practitioner is entitled to carry out insolvency work.

Compare: 2011 No 21 s 12