Regulation - 13, Recognition of Insolvency Professional Entities.

13. (1)If the Board is satisfied, after such inspection or inquiry as it deems necessary that the applicant is eligible under these Regulations, it may grant a certificate of recognition as an insolvency professional entityin Form D of the Second Schedule to these Regulations.

(2) The recognition shall be subject to the conditions that the insolvency professional entity shall-

(a) at all times continue to satisfy the requirements under Regulation 12; (b) inform the Board, within seven days, when an insolvency professional ceases to be its director or partner, as the case may be,

(c) inform the Board, within seven days, when an insolvency professional joins as its director or partner, as the case may be, and

(d) abide by such other conditions as may be specified.

(3) An insolvency professional entity shall be jointly and severally liable for all acts or omissions of its partners or directors as insolvency professionals committed during such partnership or directorship.