Intellectual Property Rights from Publicly Financed Research and
R 385
Companies Act, 2008 (Act No. 71 of 2008)Chapter 6 : Business Rescue and Compromise with CreditorsPart B : Practitioner’s functions and terms of appointment139. 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. |
