Property Practitioners Act, 2019 (Act No. 22 of 2019)

Chapter 8 : Property Practitioners

Purchase

(1)	A property practitioner who—

(a)	commits an act of insolvency;

(b)	is insolvent; or

(c)	is placed under liquidation, whether provisional or final, is immediately disqualified to be a holder of a Fidelity Fund certificate and must within a period of 30 days—

(i)	inform the Authority in writing of any matter contemplated in paragraphs (a), (b) or (c);

(ii)	refrain from using and displaying that Fidelity Fund certificate;

(iii)

inform his, her or its auditor and the bank holding his, her or its trust account in writing about the disqualification;

(iv)	cease to perform the functions of a property practitioner;

(v)	inform his, her or its clients, employees or employers or any other affected person in writing of that disqualification;

(vi)	hand over the administration of his, her or its trust account, together with all relevant information and records, to the Authority; and

(vii)

cause any outstanding matters in consultation with any affected person to be taken over by another property practitioner.

(2)	A person who fails to comply with subsection (1) commits an offence.

(3)	The Authority must wind down the trust account of a property practitioner contemplated in subsection (1) and effect payment of any trust monies in accordance with the rights of affected consumers and other persons.

(4)	In the event of insolvency or liquidation of a property practitioner, trust monies in the trust account of that property practitioner do not form part of the insolvent estate.