An insolvency professional agency shall perform the following functions, namely:-
(a) grant membership to persons who fulfil all requirements set out in its byelaws on payment of membership fee;
(b) lay down standards of professional conduct for its members;
(c) monitor the performance of its members;
(d) safeguard the rights, privileges and interests of insolvency professionals who are its members;
(e) suspend or cancel the membership of insolvency professionals who are its members on the grounds set out in its bye-laws;
(f) redress the grievances of consumers against insolvency professionals who are its members; and
(g) publish information about its functions, list of its members, performance of its members and such other information as may be specified by regulations.
Insolvency and Bankruptcy Code 2016
Section 201 Registration of insolvency professional agency
Section 202 Appeal to National Company Law Appellate Tribunal
Section 203 Governing Board of insolvency professional agency
Section 204 Functions of insolvency professional agencies
Section 205 Insolvency professional agencies to make bye-laws
Section 206 Enrolled and registered persons to act as insolvency professionals
Section 207 Registration of insolvency professionals
Section 208 Functions and obligations of insolvency professionals
Section 209 No person to function as information utility without certificate of registration
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