PART 7PROVISIONS OF GENERAL APPLICATION

CHAPTER 3MISCELLANEOUS

Insolvency practitioner's caution7.28

1

Wherever under the Rules any person has to appoint, or certify the appointment of, an insolvency practitioner to any office, he is under a duty to satisfy himself that the person appointed or to be appointed has caution for the proper performance of his functions.

2

It is the duty -

a

of the creditors' committee in administration or in receivership,

b

of the liquidation committee in companies winding up, and

c

of any committee of creditors established for the purposes of a voluntary arrangement under Part I of the Act,

to review from time to time the adequacy of the responsible insolvency practitioner's caution.

3

In any insolvency proceedings the cost of the responsible insolvency practitioner's caution shall be paid as an expense of the proceedings.