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Requirements to be an Insolvency Practitioner

The Insolvency (Insolvency Practitioners) Rules, 2018 set out the qualifications and eligibility requirements for individuals who wish to be qualified to act as an Insolvency Practitioner in Brunei Darussalam. Pursuant to section 224(2) of the Insolvency Order, 2016, an applicant is required to demonstrate that the individual is :

1.  a fit and proper person to act as an Insolvency Practitioner shall include:

  1. whether the applicant has been convicted of any offence involving fraud or other dishonesty or violence;

  2. whether the applicant has contravened any provision of the order or any rules made thereunder;

  3. whether the applicant has engaged in any practice in the course of carrying on any trade, profession or vocation or in the course of the discharge of any function relating to any office or employment appearing to be deceitful or oppressive or otherwise unfair or improper, whether unlawful or not, or which otherwise cast doubt on his probity or competence for discharging the duties of an insolvency practitioner;

  4. whether in respect of any insolvency practice carried on by the applicant at the date or at any time prior to the making of the application, there were established adequate systems of control of the practice and adequate records relating to the practice, including accounting records, and whether such systems of control and records have been or were maintained on an adequate basis;

  5. whether the insolvency practice of the applicant is, has been or, where the applicant is not yet carrying on such a practice, will be, carried on with the independence, integrity and the professional skills appropriate to the range and scale of the practice and the proper performance of the duties of an insolvency practitioner and in accordance with generally accepted professional standards, practices and principles;

  6. Whether the applicant, in any case where he has acted as an insolvency practitioner, has failed to disclose fully to such persons as might reasonably be expected to be affected thereby circumstances where there is or appears to be a conflict of interest between his so acting and any interest of his own, whether personal, financial or otherwise, without having received such consent as might be appropriate to his acting or continuing to act despite the existence of such circumstances. 

2.  Meets the prescribed requirements as to education and practical training and experience, etc: 

  1. Have acquired or been awarded professional or vocational qualifications which indicate that the applicant has the knowledge and competence to act as an insolvency practitioner;

  2. Have held office as an office holder for more than two (2) years immediately preceding the date on which he made his application for authorization; or

  3. Demonstrates he/she has more than the period of two (2) years of insolvency work experience in relation to cases under the laws of a country or territory outside Brunei Darussalam.

  4. Have a good command of Malay or English language.