Section 706 CAMA 2020
Section 706 Companies and Allied Matters Act is about Recognition of professional body by the Commission. It is under Chapter 26 (Miscellaneous provisions applying to companies which are insolvent) of the Act.
(1) The Commission may, by an instrument or order, declare a body which appears to it to fall within subsection (2), to be a recognised professional body for the purposes of this section.
(2) A body may be recognised if it regulates the practice of a profession and maintains and enforces rules for securing that its members—
(a) are permitted by or under the rules to act as insolvency practitioners ;
(b) are fit and proper persons to act ; and
(c) meet acceptable requirements as to education and practical training and experience.
(3) References to members of a recognised professional body are to persons who, whether members of that body or not, are subject to its rules inthe practice of the profession in question.
(4) An instrument or order made under subsection (1) in relation to a professional body may be revoked by a further order if it appears to the Commission that the body no longer falls within subsection (2).
