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

Companies Regulations, 2011

Chapter 6 : Business Rescue

Part B : Business Rescue Practitioners

126. Accreditation of professions and licensing of business rescue practitioners

 

 

See section 138 (1)(a), (2) and (3)

 

(1)
(a) The Commission must, when considering an application for accreditation of a profession under section 138 (1), have due regard to the qualifications and experience that are set as conditions for membership of any such profession, and the ability of such profession to discipline its members and the Commission may revoke any such accreditation if it has reasonable grounds to believe that the profession is no longer able to properly monitor or discipline its members.
(b) Sub-regulation (2) - (8) do not apply to any person who is eligible to be appointed as a business rescue practitioner in terms of section 138 (1)(a).

 

(2) A person may apply to the Commission for a license to serve as a business rescue practitioner, as contemplated in section 138 (1)(b), by filing Form CoR 126.1, together with the fee set out in Table CR 1.

 

(3) When considering an application in terms of sub-regulation (2), the Commission may require the applicant to provide—
(a) further information relevant to the application; or
(b) evidence in support of any facts set out in the application.

 

(4) Subject to sub-regulation (5), the Commission may issue a business rescue practitioner's licence to an applicant if the Commission is satisfied that-
(a) the applicant is of good character and integrity; and
(b) the applicant's education and experience are sufficient to equip the applicant to perform the functions of a business rescue practitioner.

 

(5) The Commission must not issue a license to an applicant who is disqualified from appointment as a practitioner in terms of section 138 (1)(c) or (d).

 

(6) After considering an application, the Commission must either—
(a) issue a license as applied for in Form CoR 126.2;
(b) issue a conditional license, on terms that are reasonable having regard to the applicant's education and experience; or
(c) refuse to issue the license, by notice in writing to the applicant, setting out the reasons for the refusal.

 

(7) The Commission, by notice in writing to a licensee—
(a) must revoke the license of a person who, after being licensed, becomes disqualified from appointment as a practitioner in terms of section 138 (1)(c) or (d); and
(b) may suspend or revoke a license if the Commission has reasonable grounds to believe that the person is no longer qualified to be licensed, or has contravened the conditions of the license.

 

(8) An applicant whose application has been refused, or who has been issued a conditional license, or a licensee whose license has been suspended or revoked, may apply to the Tribunal to review the Commission's decision in the matter, and the Tribunal may partially or entirely confirm or set aside the Commission's decision.