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Regulation 13 Exceptions in relation to requirements for security or caution

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

Where an insolvency practitioner who is appointed to be:–

(a)

provisional liquidator in the winding up by the court of a company is subsequently appointed to be liquidator of that company; or

(b)

liquidator in a voluntary winding up of a company is subsequently appointed to be liquidator in the winding up of that company by the court; or

(c)

interim trustee in the sequestration of the estate of any person is subsequently appointed to be permanent trustee in the sequestration of the estate of that person; or

(d)

an administrator of a company is subsequently appointed to be a liquidator of that company pursuant to section 140 of the Act;

and a certificate of specific penalty is issued under regulation 12(1) in respect of the earlier or earliest such appointment, it shall not be necessary for such a certificate to be issued in respect of the subsequent appointment of the practitioner in any of those circumstances.