Section 708 CAMA 2020

Section 708 Companies and Allied Matters Act is about Commission to notify the party of the refusal or withdrawal of authorisation. It is under Chapter 26 (Miscellaneous provisions applying to companies which are insolvent) of the Act.

(1) The Commission may, on an application duly made and after being furnished with all such information as it may require, grant or refuse the application.

(2) The Commission shall grant the application if it appears to it from the information furnished by the applicant and having regard to such other information, if any, that the applicant—

(a) is a fit and proper person to act as an insolvency practitioner, and

(b) meets the prescribed requirements with respect to education and practical training and experience.

(3) An authorisation granted pursuant to the application shall take effect from the date of grant by the Commission.

(4) Authorisation granted may be withdrawn by the Commission if it appears to it that the holder of the authorisation is no longer a fit and proper person to act as an insolvency practitioner.

(5) An authorisation granted may be withdrawn by the Commission at the request or with the consent of the holder of the authorisation.