Section 186HA — Bankruptcy Act 1966 (Cth)

(1) A person who is a registered debt agreement administrator must maintain:

(a) adequate and appropriate professional indemnity insurance; and

(b) adequate and appropriate fidelity insurance;

against the liabilities that the person may incur working as a registered debt agreement administrator.

(2) A person commits an offence if:

(a) the person is subject to a requirement under subsection (1); and

(b) the person intentionally or recklessly fails to comply with the requirement.

Penalty: 1,000 penalty units.

(3) A person commits an offence of strict liability if:

(a) the person is subject to a requirement under subsection (1); and

(b) the person fails to comply with the requirement.

Penalty for contravention of this subsection: 60 penalty units.

Related sections

• s 186F — Conditions of registration—general
• s 186G — Condition of registration—companies
• s 186H — Application to change or remove registration conditions
• s 186J — Surrender of registration as a debt agreement administrator
• s 186K — Cancellation of an individual’s registration as a debt agreement administrator
• s 186L — Cancellation of a company’s registration as a debt agreement administrator

Research how courts apply s 186HA

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