Div 5Definitions

Division 5—Definitions 5‑1  Simplified outline of this Division Terms used in this Schedule are defined in the Dictionary. In some cases, the definition is a signpost to another provision of the Schedule in which the meaning of the term is explained. Some of the key terms, the meaning of which is explained in this Division, are regulated debtor, regulated debtor’s estate and trustee of a regulated debtor’s estate. Subdivision B—The Dictionary 5‑5  The Dictionary   In this Schedule: adequate and appropriate fidelity insurance has a meaning affected by subsection 25‑1(2). adequate and appropriate professional indemnity insurance has a meaning affected by subsection 25‑1(2). administration account: see section 65‑5. annual administration return means the return required to be lodged under subsection 70‑5(2). annual trustee return means the return required to be lodged under subsection 30‑1(1). committee of inspection for a regulated debtor’s estate means a committee appointed under sections 80‑10 to 80‑25 in relation to the administration of the estate. creditor, when used in relation to a regulated debtor’s estate, means a creditor of the estate. current conditions: see section 5‑10. end of an administration of a regulated debtor’s estate means:  (a) in the case of a bankruptcy—the day on which the bankrupt is discharged or the bankruptcy is annulled, whichever happens first; and  (b) in the case of an administration under Part X—the day 3 years after the day on which a personal insolvency agreement made by the debtor for the administration of the debtor’s estate took effect; and  (c) in the case of an administration under Part XI—the day 3 years after the day on which the administration is taken to have commenced under section 247A. financial interest: a person has a financial interest in the administration of a regulated debtor’s estate in the circumstances set out in section 5‑30. GST has the same meaning as in the A New Tax System (Goods and Services Tax) Act 1999. Insolvency Practice Rules means the rules made by the Minister under section 105‑1. Insolvency Practice Schedule (Corporations) means Schedule 2 to the Corporations Act 2001, and includes rules made under section 105‑1 of that Schedule. March quarter means the period of 3 months beginning on 1 January. maximum default amount for a trustee of a regulated debtor’s estate: see section 60‑15. notified estate charge: see subsection 20‑75(7). prescribed means prescribed by the Insolvency Practice Rules. registered trustee means an individual who is registered as a trustee under Part 2 of this Schedule. Register of Trustees means the register established and maintained by the Inspector‑General under section 15‑1. regulated debtor: see section 5‑15. regulated debtor’s estate: see section 5‑16. remuneration determination, for a trustee of a regulated debtor’s estate, means a determination made:  (a) under section 60‑10 or 60‑11 in relation to the trustee; and  (b) in accordance with section 60‑12. this Schedule includes the Insolvency Practice Rules. trustee of a regulated debtor’s estate: see section 5‑20 and 5‑25. Subdivision C—Other definitions 5‑10  Meaning of current conditions  (1) Each of the following is a current condition imposed on a registered trustee:  (a) a condition that a committee decides that the registered trustee is to be subject to under subsection 20‑20(5) or (6), subject to any variation that a committee has decided should be made to the condition under section 20‑55;  (b) a condition imposed on all registered trustees, or on registered trustees of the trustee’s class, under section 20‑35;  (c) a condition imposed under subsection 40‑15(2) (direction not to accept further appointments);  (d) a condition that a committee decides that the registered trustee is to be subject to under paragraph 40‑55(1)(f) or (g) (conditions as a result of disciplinary action), subject to any variation that a committee has decided should be made to the condition under section 20‑55;  (e) a condition imposed on the registered trustee by the Court under section 45‑1.  (2) However, the current conditions imposed on a registered trustee do not include:  (a) a condition that a committee has decided to remove under section 20‑55; or  (b) a condition that is removed under subsection 40‑15(4) (condition removed because a direction not to accept further appointments has been withdrawn); or  (c) a condition that the Court has ordered be removed under section 45‑1. 5‑15  Meaning of regulated debtor   A person is a regulated debtor if the person is:  (a) a bankrupt; or  (b) a person whose property is subject to control under Division 2 of Part X; or  (c) a debtor under a personal insolvency agreement; or  (d) a deceased person whose estate is being administered under Part XI. 5‑16  Meaning of regulated debtor’s estate   An estate is a regulated debtor’s estate if it is:  (a) in relation to a bankrupt—the estate of the bankrupt, other than any estate of the bankrupt administered under Part XI because the bankrupt is a deceased person; and  (b) in relation to a person whose property is subject to control under Division 2 of Part X—the estate of the person; and  (c) in relation to a debtor under a personal insolvency agreement—the estate of the debtor; and  (d) in relation to a deceased person whose estate is being administered under Part XI—the estate of the person being administered under that Part. 5‑20  Meaning of trustee of a regulated debtor’s estate   A person is the trustee of a regulated debtor’s estate if the person is:  (a) in relation to a bankrupt—the trustee of the bankrupt’s estate; and  (b) in relation to a person whose property is subject to control under Division 2 of Part X—the controlling trustee; and  (c) in relation to a debtor under a personal insolvency agreement—the trustee of the agreement; and  (d) in relation to a deceased person whose estate is being administered under Part XI—the trustee administering the estate under that Part. 5‑25  References to the trustee of a regulated debtor’s estate   A reference in this Schedule to the trustee of a regulated debtor’s estate is to be read:  (a) in relation to a regulated debtor’s estate in respect of which there are 2 or more joint trustees—as a reference to all of the trustees; and  (b) in relation to a regulated debtor’s estate in respect of which there are 2 or more joint and several trustees—as a reference to all of the trustees or any one or more of the trustees. 5‑30  Persons with a financial interest in the administration of a regulated debtor’s estate   A person has a financial interest in the administration of a regulated debtor’s estate:  (a) if the person is one of the following:  (i) the regulated debtor;  (ii) a creditor;  (iii) the trustee; or  (b) in any other circumstances prescribed.