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Corporate Insolvency (Insolvency Practitioner Accreditation) (Amendment) Regulations, 2022

This section gives the short title of the Regulations and says they must be read together with the 2019 principal Regulations. Regulation 2(1) is amended by replacing “the form” with “Form 1”. Thi…

accreditationaccreditation variationapplication filingdeclarationsdocument submissioninsolvency practiceprofessional accreditationregulatory formsrevocation
Jurisdiction
Zambia
Structure
10 provisions
Citation
SI 22 of 2022
Dates
Legal dates not recorded
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Dates
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01

Purpose and legislative effect

“This section gives the short title of the Regulations and says they must be read together with the 2019 principal Regulations.”

This section gives the short title of the Regulations and says they must be read together with the 2019 principal Regulations. Regulation 2(1) is amended by replacing “the form” with “Form 1”. This section says the principal Regulations are amended by inserting new regulations after regulation 2. The Registrar must revoke an insolvency practitioner’s accreditation if the listed misconduct or failure conditions are met, and may also revoke it in the public interest. A person wanting to vary accreditation must apply to the Registrar in Form IV. The Registrar must consider the application within 30 days of receiving it and notify the accredited insolvency practitioner of the decision.

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Section 2

2. PARTICULARS OF VARIATION DESCRIPTION OF VARIATION (a) (b) (c)

Section 2

Section 4

The applicant must attach any relevant documents required by the Registrar and declare that the information provided is correct and truthful.

Section 4

04

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Source record from zambialii.org · Legal dates not recorded

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Showing 10 of 10 provisions

Amendment 4Provision 4Short titleSubstitution
§ 1These Regulations may be cited as the Corporate InsolvencyShort title

This section gives the short title of the Regulations and says they must be read together with the 2019 principal Regulations.

1. These Regulations may be cited as the Corporate Insolvency (Insolvency PractitionerAccreditation) (Amendment) Regulations, 2022, and shall be read as one with the Corporate Insolvency (Insolvency Practitioner Accreditation) Regulations, 2019, in these Regulations referred to as the principal Regulations.
Section 1Verify source
§ 2Regulation 2(1) of the principal Regulations is amended bySubstitution

Regulation 2(1) is amended by replacing “the form” with “Form 1”.

2. Regulation 2(1) of the principal Regulations is amended by the deletion of the words “the form” and the substitution therefor of the words “Form 1”.
Section 2Verify source
§ 3The principle Regulations are amended by the insertion ofAmendment

This section says the principal Regulations are amended by inserting new regulations after regulation 2.

3. The principle Regulations are amended by the insertion of the following new regulations immediately after regulation 2:
Section 3Verify source
§ 2A(1) The Registrar shall revoke the accreditationAmendment

The Registrar must revoke an insolvency practitioner’s accreditation if the listed misconduct or failure conditions are met, and may also revoke it in the public interest.

2A. (1) The Registrar shall revoke the accreditation of an insolvency practitioner if — (a) the insolvency practitioner— (i) is no longer a member of, or has been suspended by, the accounting or legal professional body; (ii) fails to comply with any provision of the Act; and (iii) furnishes the Registrar or Official Receiver with false, inaccurate or misleading information; and Title SI. No. 40 of 2019 Amendment of regulation 2 Insertion of re gu lat i o ns 2A and 2B Revocation of accreditation of insolvency practitioner (b) if one or more engagements carried out by the insolvencypractitioner are being, or have not been, carried out— Copies of this Statutory Instrument can be obtained from the Government Printer, P.O.Box 30136, 10101 Lusaka Price K16.00 each 74 Statutory Instruments 17th March, 2022 (i) in accordance with the provisions of the appointing order specified by the Court; or (ii) with reasonable care, diligence and skill. (2) The Registrar may, in addition to the conditions specified under subregulation (1), revoke the accreditation in public interest. (3) Subject to subregulation (4), the Registrar shall, before revoking the accreditation, give notice to an insolvency practitioner of the intention to revoke the accreditation in Form II set out in the Schedule. (4) Subregulation (3) shall not apply where the revocation of accreditation is made in accordance with subregulation (2). (5) The Registrar shall, where the insolvency practitioner fails to remedy the breaches specified in the notice within the period specified by the Registrar, revoke the accreditation and notify the insolvency practitioner in Form III set out in the Schedule. (6) The Registrar shall, where the Registrar revokes the accreditation of an insolvency practitioner under this regulation, lodge a copy of the notice of revocation with the person who, or Court that, appointed the insolvency practitioner.
Section 2AVerify source
§ 2B(1) A person who intends to vary the accreditationAmendment

A person wanting to vary accreditation must apply to the Registrar in Form IV. The Registrar must consider the application within 30 days of receiving it and notify the accredited insolvency practitioner of the decision.

2B. (1) A person who intends to vary the accreditation shall apply to the Registrar in Form IV set out in the Schedule. (2) The Registrar shall, within thirty days of the date of receipt of an application for the variation of the accreditation, consider the application and notify the accredited insolvency practitioner of the Registrar’s decision. Variation of accreditation Amendment of Schedule
Section 2BVerify source

Part

Schedule

§ 4The Schedule to the principal Regulation is amendedAmendment

This section amends the Schedule to the principal Regulation by inserting a “1” in the Form and adding the forms in the Appendix.

4. The Schedule to the principal Regulation is amended— (a) in the Form by the insertion of the figure “1” immediately after the word “Form”; and (b) by the insertion in the appropriate place of the forms set out in the Appendix. 17th March, 2022 Statutory Instruments 75 APPENDIX (Regulation 4) SCHEDULE PRESCRIBED FORMS Form II (Regulation 2A) The Patents and Companies Registration Agency The Corporate Insolvency Act, 2017 (Act No. 9 of 2017) The Corporate Insolvency (Insolvency Practitioner Accreditation) Regulations, 2022 NOTICE OF INTENTION TO REVOKE ACCREDITATION (1) Here insert name of insolvency practitioner (2) Here insert number of accreditation To (1)................................................................................................................. ............................................................................................................................ IN THE MATTER OF (2) .......................................................................you are hereby notified that the Registrar intends to revoke your accreditation on the following grounds: (a) ...................................................................................................................... (b) ...................................................................................................................... (c) ....................................................................................................................... (d) ...................................................................................................................... Accordingly, you are requested to show cause why your accreditation should not be revoked for the breaches set out in paragraph ………………….. (above) within. (3) ………………………. days of receiving this notice. Failure to remedy the said breaches shall result in the revocation of your accreditation. Dated this ………....… day of …………...…………, 20……...… …………………… Registrar OFFICAL STAMP 76 Statutory Instruments 17th March, 2022 Form III (Regulation 2A) The Patents and Companies Registration Agency The Corporate Insolvency Act, 2017 (Act No. 9 of 2017) ____________ The Corporate Insolvency (Insolvency Practitioner Accreditation) Regulations, 2022 (1) Here insert name of insolvency practitioner (2) Here insert number of accreditation NOTICE OF REVOCATION OF ACCREDITATION To (1) ................................................................................................................. ............................................................................................................................ IN THE MATTER OF (2) ......................................................................... you are hereby notified that the Registrar revokes your accreditation on the following grounds: (a) ...................................................................................................................... (b) ...................................................................................................................... (c) ....................................................................................................................... (d) ...................................................................................................................... You are required to surrender the certificate of accreditation to the Registrar immediately. Dated this ………....… day of …………...…………, 20……...… …………………… Registrar OFFICAL STAMP (See Terms and Conditions of Revocation of Accreditation Notes overleaf) 17th March, 2022 Statutory Instruments 77 TERMS AND CONDITIONS OF REVOCATION OF ACCREDITATION An insolvency practitioner shall, where the Registrar revokes the accreditation of that insolvency practitioner— (a) be disqualified from acting as an insolvency practitioner under the Act; (b) cease to carry out any functions arising from an appointment order made under the Act or any other written law; and (c) cause the preparation of a report on the statement of the company’s affairs to be made to the Registrar within fourteen days of the revocation of accreditation. 78 Statutory Instruments 17th March, 2022 Form IV (Regulation 2B) The Patents and Companies Registration Agency The Corporate Insolvency Act, 2017 (Act No. 9 of 2017) The Corporate Insolvency (Insolvency Practitioner Accreditation) Regulations, 2022 APPLICATION FOR VARIATION OF ACCREDITATION Please write in BLOCK LETTERS Shaded fields for official use only Application No.: Date/Time Information Required Information Provided PART I TO BE COMPLETED BY APPLICANT 
Section 4Verify source

Part

PART I

§ 1Section 1Provision

This section lists the applicant details to be provided for a variation form.

1. Name (s) of Applicant: Plot No.: Street: Postal Address: Telephone No.: Mobile Phone No.: E-mail Address: Town: District; Province: Country: PART II TYPE OF VARIATION
Section 1Verify source

Part

PART II

§ 2Section 2Provision

2. PARTICULARS OF VARIATION DESCRIPTION OF VARIATION (a) (b) (c)

2. PARTICULARS OF VARIATION DESCRIPTION OF VARIATION (a) (b) (c)
Section 2Verify source
§ 3Section 3Provision

3. EXISTING PROPOSED VARIATION REASONS FOR VARIATION 17th March, 2022 Statutory Instruments 79

3. EXISTING PROPOSED VARIATION REASONS FOR VARIATION 17th March, 2022 Statutory Instruments 79
Section 3Verify source
§ 4Section 4Provision

The applicant must attach any relevant documents required by the Registrar and declare that the information provided is correct and truthful.

4. Attachment Relevant documents relating to proposed variation as required by the Registrar DECLARATION AND SIGNATURE I declare that all the information I have stated is correct and truthful to the best of my knowledge and belief. ……………………………………… ………………………………………… Name Designation ……………………………………… ......…………………………………… Signature Date FOR OFFICIAL USE ONLY Date of Submission: .............................................................................................................. Application Number: ........................................................................................................... Payment Receipt No.: ......................................................................................................... Application accepted (Proceed for inspection): .................................................................. Application rejected (Notify applicant): ............................................................................. ......................................................... Registrar OFFICIAL STAMP LUSAKA 17th March, 2022 [MCTI/MIN.1 C. MULENGA, Minister of Commerce, Trade and Industry 80 Statutory Instruments 17th March, 2022
Section 4Verify source

Legislative relationships

3 referenced instruments

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N–S

2 instruments

  • Regulations and says they must be read together with the 2019 principal Regulations

    Section 1

  • Schedule to the principal Regulation

    Section 4

T–Z

1 instrument

  • This section says the principal Regulations

    Section 3

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