Cap. 632 Art. 19Revocation, suspension and cancellation of authorisation. Cap. 386.

(1) Without prejudice to any administrative penalties, or other measures that may be imposed in terms of article 18, the competent authority may order that an authorisation or registration issued in terms of this Act may be revoked, cancelled, suspended, or subjected to other conditions or restrictions ordered by the competent authority, in accordance with the provisions of this article, if the person to whom such authorisation was issued or the registered firm or any of the principals of the registered firm:

(a) has been found, in the course of an investigation conducted by the competent authority, to have acted, including through omissions, in:

(i) bad faith, serious misconduct or gross negligence in the exercise of his functions as an insolvency practitioner or registered firm;

(ii) violation of any regulation made or directive issued in terms of this Act, where the regulation or directive provides for the suspension, cancellation, withdrawal or subjection to conditions of an authorisation or registration as a consequence of such violation;

(iii) violation of any regulations or directives with respect to professional standards, practices or integrity;

(iv) violation of any code of conduct issued or adopted by the competent authority;

(v) a grievous discreditable manner to insolvency practitioners; or

(vi) a manner which fails to comply with any condition attached to an authorisation or registration when such failure is of a material nature;

(b) has been found guilty by a court of law:

(i) of an offence under this Act or any regulations made thereunder;

(ii) of an offence under the Companies Act; or

(iii) of a crime affecting public trust or of theft or of fraud or of knowingly receiving property obtained by theft or fraud or of any crime punishable by a term of imprisonment exceeding one (1) year.

(2) Without prejudice to the provisions of sub-article (1):

(a) an authorisation may be withdrawn or cancelled by the competent authority at the request of the insolvency practitioner;

(b) the registration of a registered firm may be cancelled by the competent authority at the request of the registered firm;

(c) an authorisation may be revoked or cancelled by order of the competent authority, whenever the competent authority is of the opinion that there are material circumstances concerning the insolvency practitioner that, had the authorisation not been issued, would disqualify such person from being eligible in terms of article 3; and

(d) the registration of a registered firm may be revoked or cancelled by order of the competent authority whenever the competent authority is of the opinion that there are material circumstances concerning the registered firm that, if the registered firm had not been registered, would disqualify it from being registered.

(3) Where an authorisation or registration is suspended for a time or subjected to conditions, the suspension or the conditions may be lifted by the competent authority at any time.

(4) Where an authorisation is withdrawn in terms of sub-article (2)(a), or where a registration is cancelled under sub-article (2)(b), a new authorisation may be issued, or a new registration may be made, at any time if the conditions for such issue or registration are satisfied.

(5) Upon the revocation or withdrawal of an authorisation issued under this Act, or during such period when the authorisation is suspended, the person to whom the authorisation was issued shall not be authorised to carry out the functions of an insolvency practitioner in terms of article 4(2), and upon the cancellation of any registration of a registered firm, or for such period when such registration is suspended, the firm shall cease to be registered.