Cap. 632 чл. 29Transitory provisions.      Cap. 386.

(1) Any person who, on the date of the coming into force of this Act, is authorised to exercise the profession of an advocate, accountant or auditor, and has been appointed as a provisional administrator, liquidator, or a special controller within the meaning of the Companies Act, or has otherwise served as an expert or practiced as a lawyer within the Civil Court (Commercial Section), or the Civil Court, First Hall in commercial law or shipping law related cases within the preceding five (5) years from the coming into force of this Act, or otherwise proves to the satisfaction of the competent authority, that he has adequate experience in pre-insolvency, corporate restructuring, business finance, or liquidation, may apply to the competent authority to receive a provisional authorisation to carry out the functions of an insolvency practitioner in terms of article 4(2).

(2) An applicant shall annex to the application any documentation or information as the competent authority may deem relevant, and shall furnish any further information as the competent authority may subsequently request.

(3) The competent authority shall, if it is satisfied that the applicant in terms of sub-article (1) has the necessary knowledge, competence, experience and resources as it may consider to be appropriate to carry out the functions of an insolvency practitioner, issue to the applicant a provisional authorisation that shall entitle the recipient to carry out the functions of an insolvency practitioner in terms of article 4(2), and, provided that the conditions in article 6 subsist, to act as the principal for a registered firm.

(4) Any person being provisionally authorised in terms of this article shall be subject to the full scope and application of the provisions of this Act, and the competent authority shall act in his respect as though he was an insolvency practitioner and otherwise in terms of this Act and any regulations or directives issued under it.

(5) Without prejudice to the provisions of this article, all provisional authorisations granted in terms of this article, irrespective of the date of issuance thereof, shall expire within twenty four (24) months from the date of coming into force of this Act.