390 Persons not qualified to act as insolvency practitioners.E+W+S
(1)A person who is not an individual is not qualified to act as an insolvency practitioner.
(2)A person is not qualified to act as an insolvency practitioner at any time unless at that time—
(a)he is authorised so to act by virtue of membership of a professional body recognised under section 391 below, being permitted so to act by or under the rules of that body, or
(b)he holds an authorisation granted by a competent authority under section 393.
(3)A person is not qualified to act as an insolvency practitioner in relation to another person at any time unless—
(a)there is in force at that time security or, in Scotland, caution for the proper performance of his functions, and
(b)that security or caution meets the prescribed requirements with respect to his so acting in relation to that other person.
(4)A person is not qualified to act as an insolvency practitioner at any time if at that time—
(a)he has been adjudged bankrupt or sequestration of his estate has been awarded and (in either case) he has not been discharged,
(b)he is subject to a disqualification order made [F1or a disqualification undertaking accepted] under the M1Company Directors Disqualification Act 1986 [F2or to a disqualification order made under Part II of the Companies (Northern Ireland) Order 1989][F3or to a disqualification undertaking accepted under the Company Directors Disqualification (Northern Ireland) Order 2002], or
(c)he is a patient within the meaning of Part VII of the M2Mental Health Act 1983 or section 125(1) of the M3Mental Health (Scotland) Act 1984 [F4or has had a guardian appointed to him under the Adults with Incapacity (Scotland) Act 2000 (asp 4).]
[F5(5)A person is not qualified to act as an insolvency practitioner while a bankruptcy restrictions order is in force in respect of him.]
Textual Amendments
F1Words in s. 390(4)(b) inserted (2.4.2001) by 2000 c. 39, s. 8, Sch. 4 Pt. II para. 16(2)(a); S.I. 2001/766, art. 2 (subject to transitional provisions in art. 3)
F2Words in s. 390(4)(b) inserted (2.4.2001) by 2000 c. 39, s. 8, Sch. 4 Pt. II para. 16(2)(b); S.I. 2001/766, art. 2 (subject to transitional provisions in art. 3)
F3Words in s. 390(4)(b) inserted (1.9.2004 with application as mentioned in art. 1(2)) by The Insolvency Act 2000 (Company Directors Disqualification Undertakings) Order 2004 (S.I. 2004/1941, art. 3, Sch. para. 3
F4Words in s. 390(4)(c) inserted (S.) (1.4.2002) by 2000 asp 4, s. 88(2), Sch. 5 para. 18; S.S.I. 2001/81, art. 3, Sch. 2
F5S. 390(5) added (1.4.2004) by 2002 c. 40, ss. 257(3), 279, Sch. 21 para. 4 (with s. 249(6)); S.I. 2003/2093, art. 2(2), Sch. 2 (subject to arts. 3-8 (as amended by S.I. 2003/2332, art. 2))
Modifications etc. (not altering text)
C1s.390 applied with modifications by S.I. 1986/1999, art. 3, Sch. 1 Pt. II
C2S. 390(2)(3) modified by S.I. 1990/1392, art. 7
Marginal Citations
M31984 C. 36.