Process must be clear The law should thus provide: Prompt appointment of a new office holder; New office holder entitled to books, assets etc; Former office holder must cooperate. PRINCIPLE 6 STANDARDS OF PROFESSIONAL AND COMMERCIAL – CONDUCT Standards very important The law should thus state: What the basic standards are; By way of secondary legislation provide standards regarding reports, collection and safeguarding of assets, trading, keeping of records, convening and conduct creditors meetings, sale and other disposal of assets, opening and operating bank account, dealings with reorganization plans. PRINCIPLE 7 REPORTING AND SUPERVISION – Creditors and other interested parties need to be informed about progress etc The law should thus provide: For regular reporting; Provide for committees to oversee work of office holder in some cases; creditors’ Performance of office holder be monitored. PRINCIPLE 8 REGULATORY AND DISCIPLINARY FUNCTIONS – Level of work requires above The law should thus provide: Government body with powers; Ground to investigate; Powers of regulatory body; Provide disciplinary powers; Provide right of appeal. PRINCIPLE 9 REMUNERATION AND EXPENSES – Described as critical part The law should thus provide:
Process must be clear The law should thus provide: Prompt appointment of a new office holder; New office holder entitled to books, assets etc; Former office holder must cooperate. PRINCIPLE 6 – STANDARDS OF PROFESSIONAL AND COMMERCIAL CONDUCT Standards very important The law should thus state: What the basic standards are; By way of secondary legislation provide standards regarding reports, collection and safeguarding of assets, trading, keeping of records, convening and conduct creditors meetings, sale and other disposal of assets, opening and operating bank account, dealings with reorganization plans. PRINCIPLE 7 – REPORTING AND SUPERVISION Creditors and other interested parties need to be informed about progress etc The law should thus provide: For regular reporting; Provide for creditors’ committees to oversee work of office holder in some cases; Performance of office holder be monitored. PRINCIPLE 8 – REGULATORY AND DISCIPLINARY FUNCTIONS Level of work requires above The law should thus provide: Government body with powers; Ground to investigate; Powers of regulatory body; Provide disciplinary powers; Provide right of appeal. PRINCIPLE 9 – REMUNERATION AND EXPENSES Described as critical part The law should thus provide: