20‑2 Qualifications, experience, knowled20‑2 Qualifications, experience, knowledge and abilities required by applicants for registration to practise only as a restructuring practitioner

20‑2 Qualifications, experience, knowledge and abilities required by applicants for registration to practise only as a restructuring practitioner

(1) This section: (a) is made for the purposes of paragraph 20‑20(4)(a) of the Insolvency Practice Schedule (Corporations); and (b) applies in relation to an application (a restructuring practitioner application) for registration as a liquidator if the applicant wishes to be registered to practise only as a restructuring practitioner for a company or for a restructuring plan. (2) A committee to which a restructuring practitioner application is referred under section 20‑15 of the Insolvency Practice Schedule (Corporations) must be satisfied that the applicant has each of the following qualifications, experience, knowledge and abilities: (a) the applicant is a recognised accountant; (b) the applicant has demonstrated the capacity to perform satisfactorily the functions and duties of a restructuring practitioner for a company and for a restructuring plan; (c) the applicant is able to satisfy any conditions to be imposed under the Insolvency Practice Schedule (Corporations) if the applicant is registered as a liquidator. Definitions (3) In this section:

recognised accountant means:

(a) a member of Chartered Accountants Australia and New Zealand (CAANZ) who:
(i) holds a Certificate of Public Practice issued by CAANZ; and
(ii) is entitled to use the letters “CA” or “FCA”; and
(iii) is subject to, and complies with, CAANZ’s continuing professional education requirements; or
(b) a member of CPA Australia who:
(i) holds a Public Practice Certificate issued by CPA Australia Ltd; and
(ii) is entitled to use the letters “CPA” or “FCPA”; and
(iii) is subject to, and complies with, CPA Australia’s continuing professional education requirements; or
(c) a member of the Institute of Public Accountants (IPA) who:
(i) holds a Public Practice Certificate issued by IPA; and
(ii) is entitled to use the letters “FIPA” or “MIPA”; and
(iii) is subject to, and complies with, IPA’s continuing professional education requirements.

20‑5 Conditions on registration of liquidators

(1) This section is made for the purposes of section 20‑35 of the Insolvency Practice Schedule (Corporations).

Registered liquidators generally (2) It is a condition on the registration of any person as a registered liquidator 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 liquidator; and (ii) each subsequent period of 3 years during which the person is registered as a liquidator; and (b) at least 30 hours of the 120 hours of continuing professional education is capable of being objectively verified by a competent source. Restructuring practitioners (3) If a committee decides under 20‑20(6) of the Insolvency Practice Schedule (Corporations) that a person’s registration is to be subject to a condition that the person act as the external administrator of a company only in the capacity of a restructuring practitioner for the company or for a restructuring plan made by the company, it is a condition on the registration of the person as a registered liquidator that the person must not carry out work as an external administrator of a company otherwise than in that capacity. Suspended registrations