Cap. 6:07
INSOLVENCY
No. 7/2018
SuB-PART B-CoRPORArE REscuE PRACTITIONER's FuNCTIONS AND TERMS oF
APPOINTMENT
131 Qualifications of practitioners
(I) A person may be appointed as the corporate rescue practitioner of a company
only if the person(a)
is not disqualified to be appointed liquidator in terms of section 74;
(b)
has been registered and licensed as an insolvency practitioner in terms
of the Estate Administrators Act [Chapter 27:20];
(c)
is not disqualified from acting as a director of the company in terms of
the Companies Act [Chapter 24:31];
(d)
does not have any other relationship with the company such as would
lead a reasonable and informed third party to conclude that the integrity,
impartiality or objectivity of that person is compromised by that
relationship;
(e)
is not an associate of a person who has a relationship contemplated in
paragraph (d);
(f)
has provided security in an amount and on terms and conditions that the
Master considers necessary to secure the interests of the compan) and
any affected persons.
132 Removal and replacement of practitioner
( l) A corporate rescue practitioner may be removed only(a)
by a Court order in terms of section 123; or
(b)
as provided for in this section; or
(c)
by the Master in terms of grounds set out in section 79.
(2) Upon request of an affected person, or on its own motion, the Court may
remove a corporate rescue practitioner from office on any of the following grounds(a)
incompetence or failure to perform the duties of a corporate rescue
practitioner of the particular company;
(b)
failure to exercise the proper degree of care in the performance of the
corporate rescue practitioner's functions;
(c)
engaging in illegal acts or conduct;
(d)
if the corporate rescue practitioner no longer satisfies the requirements
set out in section 131 (I);
conflict of interest or lack of independence;
(e)
(f)
the corporate rescue practitioner is incapacitated and unable to perform
the functions of that office, and is unlikely to regain that capacity within
a reasonable time.
(3) The company, or the creditor who nominated the corporate rescue
practitioner, as the case may be, must appoint a new practitioner if a practitioner dies,
resigns or is removed from office, subject to the right of an affected person to bring a
fresh application in terms of section 123(1 )(b) to set aside that new appointment.
133 General powers and duties of practitioners
(I) During a company's corporate rescue proceedings, the corporate rescue
practitioner. in addition to any other pmvers and duties set out in this Part(a)
has full management control of the company in substitution for its board
and pre-existing management which is dissolved in terms of the provisions
of section 130(2);
295
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