20‑5 Conditions on registration of trust20‑5 Conditions on registration of trustees

20‑5 Conditions on registration of trustees

(1) This section is made for the purposes of section 20‑35 of the Insolvency Practice Schedule (Bankruptcy). (2) It is a condition on the registration of any person as a registered trustee that: (a) the person undertake at least 120 hours of continuing professional education during: (i) the period of 3 years starting on the day the person is first registered as a trustee; and (ii) each subsequent period of 3 years during which the person is registered as a trustee; and (b) at least 30 hours of the 120 hours of continuing professional education is capable of being objectively verified by a competent source. (4) It is a condition on the registration of any person whose registration as a trustee has been suspended that the person must, during the period of the suspension, maintain: (a) adequate and appropriate professional indemnity insurance; and (b) adequate and appropriate fidelity insurance; against the liabilities that the person may incur as a result of work carried out as a registered trustee before the suspension takes effect.