Acts Online
GT Shield

Companies Act, 2008 (Act No. 71 of 2008)

Chapter 6 : Business Rescue and Compromise with Creditors

Part B : Practitioner’s functions and terms of appointment

138. Qualifications of practitioners

 

 

1) A person may be appointed as the business rescue practitioner of a company only if the person—
a) is a member in good standing of a legal, accounting or business management profession accredited by the Commission;
b) has been licensed as such by the Commission in terms of subsection (2);
c) is not subject to an order of probation in terms of section 162(7);
d) would not be disqualified from acting as a director of the company in terms of section 69(8);
e) 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; and
f) is not related to a person who has a relationship contemplated in paragraph (d).

 

2) For the purposes of subsection 1(a)(ii), the Commission may license any qualified person to practice in terms of this Chapter and may suspend or withdraw any such licence in the prescribed manner.

 

3) The Minister may make regulations prescribing—
a) standards and procedures to be followed by the Commission in carrying out its licencing functions and powers in terms of this section; and
b) minimum qualifications for a person to practice as a business rescue practitioner, including different minimum qualifications for different categories of companies.