Chapter 6: Business Rescue and Compromise With Creditors
Part B: Practitioner's functions and terms of appointment
s139: Removal and replacement of practitioner
- (1) A practitioner may be removed only:
- (a) by a court order in terms of section 130; or
- (b) as provided for in this section.
- (2) Upon request of an affected person, or on its own motion, the court may remove a practitioner from office on any of the following grounds:
- (a) Incompetence or failure to perform the duties of a business rescue practitioner of the particular company;
- (b) failure to exercise the proper degree of care in the performance of the practitioner's functions;
- (c) engaging in illegal acts or conduct;
- (d) if the practitioner no longer satisfies the requirements set out in section 138(1);
- (e) conflict of interest or lack of independence; or
- (f) the practitioner is incapacitated and unable to perform the functions of that office, and is unlikely to regain that capacity within a reasonable time.
- (3) The company, or the creditor who nominated the practitioner, as the case may be, must appoint a new practitioner if a practitioner dies, resigns or is removed from office, subject to the right of an affected person to bring a fresh application in terms of section 130(1)(b) to set aside that new appointment.
Related Sections
s130: Objections to company resolution
s138: Qualifications of practitioners
Related Regulations
No related regulations.
Related Notes
No related note.
Related Forms
No related forms.