20‑1 Qualifications, experience, knowled20‑1 Qualifications, experience, knowledge and abilities required by applicants for registration

20‑1 Qualifications, experience, knowledge and abilities required by applicants for registration

(1) This section is made for the purposes of paragraph 20‑20(4)(a) of the Insolvency Practice Schedule (Bankruptcy). (2) A committee to which an application for registration as a trustee is referred under section 20‑15 of the Insolvency Practice Schedule (Bankruptcy) must be satisfied that the applicant has each of the following qualifications, experience, knowledge and abilities: (a) the applicant has completed the academic requirements for the award of a tertiary qualification that includes at least 3 years of full‑time study (or its equivalent) in commercial law and accounting; (b) the applicant has completed the academic requirements for at least 2 course units accredited under the Australian Qualifications Framework Level 8 (or equivalent study) in the practice of external administrators of companies, receivers, receivers and managers, and trustees under the Act; (c) during the 5 years immediately preceding the day on which the application is made, the applicant has been engaged in at least 4,000 hours of relevant employment at senior level; (d) the applicant has demonstrated the capacity to perform satisfactorily the functions and duties of a registered trustee; (e) the applicant is able to satisfy any conditions to be imposed under the Insolvency Practice Schedule (Bankruptcy), if the applicant is registered as a trustee. (3) For the purposes of paragraph (2)(c), relevant employment must include: (a) employment that involves any of the following: (i) assisting a registered trustee in the performance of the registered trustee’s duties as trustee under the Act; (ii) providing advice in relation to matters under the Act; and (b) employment that provides direct or indirect exposure to any of the following: (i) the external administration of companies, receivership or receivership and management; (ii) the restructuring of companies or the giving of advice in relation to the restructuring of companies.