Adam Toma/ ITSA's trustee compliance program 2013/ IPA

A Bit of shit from  ITSA and the Insolvency Practitioners Association. The National Manager Enforcement and Regulation Adam Toma, is on the take.  and  so therefore is allowing Regulation  to protect to corrupt trustees

Practice Alerts Detail

ITSA's trustee compliance program for 2013

by Michael Murray | Nov 06, 2012

ITSA has released its insolvency compliance program for 2012-13. It will focus on remuneration, offences, communications and an all-agency approach to the regulation of personal insolvency.

ITSA has released its insolvency compliance program for 2012-13.  It says it will continue with its risk based proactive inspection program which has a focus on trustees who are perceived as a greater risk. Nevertheless, most trustees are reviewed by ITSA in any given period.

ITSA will focus on these technical areas:

• Practitioner remuneration and outlays.  After what it says was its successful remuneration outcomes in 2011-12, ITSA will now review outlays and expenses taken by practitioners. The focus will be to ensure that the outlays taken are reasonable and do not confer an extra benefit on the trustee.
• Offences.  ITSA wants to ensure that trustees identify offences and refer them for review and prosecution if necessary.
• Effective communication.  ITSA says that lying at the heart of the government’s proposals for a harmonised regulatory environment is the need for better communication between all stakeholders.  This must include communications between ITSA and ASIC.  ITSA says it will ensure the principles recently espoused in IGPD 22 are adhered to.
• Hybrid regulatory environment.  ITSA will continue to engage with the IPA, and with financial counsellors, creditors, debtors, CDPP, DAPA and ASIC and other professional associations and government agencies to ensure all necessary intelligence is available and facilitates the best outcomes for those affected by insolvency.

ITSA’s eight core regulatory and enforcement activities

ITSA’s approach focuses on early resolution to systemic issues adopting a proactive and preventative regulatory approach wherever possible.  Its program encompasses these general approaches in ascending order:

1. Trustee and debt agreement administrator registrations for application. IPA sits on trustee registration panels.
2. Inspections of trustee files.  Electronic and desk-top reviews are proposed. 
3. Proactive monitoring.  This involves reviews of reports to creditors (section 189A and section 73 reports) and creditor meeting attendance.
4. Guidance
5. Dealing with complaints
6. Inspector-General Reviews
7. Disciplinary action.  IPA sits on trustee discipline panels.
8. Investigate offences against the Bankruptcy Act and prosecute if appropriate

The Inspector-General Practice Statements (IGPS) – available publicly on the ITSA internet – explain how ITSA goes about these tasks. 

Trustees should be aware of ITSA’s intended approach for the following year.
Please contact the IPA for any queries.