PART XIIINSOLVENCY PRACTITIONERS AND THEIR QUALIFICATION

F1Court sanction of insolvency practitioners in public interest cases

Direct sanctions order: conditions350Q

(1)

Condition 1 is that the person, in acting as an insolvency practitioner or in connection with any appointment as such, has failed to comply with—

(a)

a requirement imposed by the rules of the relevant recognised professional body;

(b)

any standards, or code of ethics, for the insolvency-practitioner profession adopted from time to time by the relevant recognised professional body.

(2)

Condition 2 is that the person—

(a)

is not a fit and proper person to act as an insolvency practitioner;

(b)

is a fit and proper person to act as an insolvency practitioner only in relation to companies, but the person's authorisation is not so limited; or

(c)

is a fit and proper person to act as an insolvency practitioner only in relation to individuals, but the person's authorisation is not so limited.

(3)

Condition 3 is that it is appropriate for the person's authorisation to act as an insolvency practitioner to be suspended for a period or until one or more requirements are complied with.

(4)

Condition 4 is that it is appropriate to impose other restrictions on the person acting as an insolvency practitioner.

(5)

Condition 5 is that loss has been suffered as a result of the failure mentioned in condition 1 by one or more creditors of a company, individual or insolvent partnership in relation to which the person is acting or has acted as an insolvency practitioner.

(6)

In this Article “relevant recognised professional body” has the same meaning as in Article 350O.