Sub-Part B-Corporate Rescue Practitioner’s Functions and Terms of Appointment.

(1) A person may be appointed as the corporate rescue practitioner of a company only if the person –
(a) is not disqualified to be appointed liquidator in terms of section 74;

(b) has been registered and licensed as an insolvency practitioner in terms of the Estate Administrators Act [Chapter 27:20];

(c) is not disqualified from acting as a director of the company in terms of the Companies Act [Chapter 24:31];

(d) 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;

(e) is not an associate of a person who has a relationship contemplated in paragraph (d);

(f) has provided security in an amount and on terms and conditions that the Master considers necessary to secure the interests of the company and any affected persons.

• According to the Insolvency Act [Chapter 6:07]. PART XXIII: Corporate Rescue