Provisions on Registration of Receivers and Administrators

The Minister of Law and Human Rights (“Minister”) recently issued Regulation No. 18 of 2013 on Registration Requirements and Procedures for Receivers and Administrators (“2013 Regulation”).

The 2013 Regulation redefines the provisions on bankruptcy professionals commonly known as  Receivers in bankruptcy cases and Administrators in cases for suspension of debt payments. To this end, the 2013 Regulation sets out new provisions on: a) Admission requirements; b) Reporting obligations; c) Prohibitions on concurrent professions; and d) Grounds for de-registering  Receivers and Administrators.