Changes to appointments of insolvency practitioners: Chief Master of the High Court Lester Bassoon is confident that technical amendments to government’s new policy on the appointment of insolvency practitioners will pass constitutional muster. They are to be presented to Cabinet ‘within the next few days’. Briefing members of the National Assembly’s Justice and Correctional Services Committee, Basson said that – while the policy will not affect the statutory right of creditors to elect an insolvency practitioner – he/she will in future work as part of a team that will include at least one appointee from the Master’s list. A decision has yet to be made on whether regulations for the industry should be ‘stand-alone’ or part of a new Bill that has apparently already been drafted. In addition – while there is likely to be a ‘grandfather clause’ on qualifications in order to accommodate experienced practitioners – the regulations are expected to make a four-year law or commercial degree a prerequisite for inclusion on the Master’s list in future. This should go some way towards reducing the number of unemployed law graduates.
Posted on: Wed, 03 Sep 2014 07:21:39 +0000