2.1.6 Commencement and transitional provisions

(1) Subject to sub-clause (2) below, the registration of an Insolvency Practitioner prior to the date on which these Rules come into force shall not be invalidated by reason of the fact that the person does not meet the requirements contained in these Rules. However, such person must, before the end of a period of one year from the date on which these Rules come into force, re-register as an Insolvency Practitioner in accordance with these Rules, unless such person:
(A) is already registered as an Insolvency Practitioner; and
(B) meets the requirements contained in these Rules at the time these Rules come into force.
(1A) Subject to meeting the requirements under the Insolvency Regulations and these Rules, an Insolvency Practitioner, who is registered, whether before or after the time these Rules come into force, may at any time, by an application to CRO, instead of providing a security in the form of:
(A) a General and Specific Bond, provide such security in the form of insurance as provided in Rule 2.1.3A; or
(B) an insurance as provided in Rule 2.1.3A, provide such security in the form of a General and Specific Bond,
but in any event, no case on which the Insolvency Practitioner acts must be left without adequate security as stated in these Rules.
(2) Registration of an Insolvency Practitioner prior to the commencement date will not entitle a person to registration on a new application for registration made after the commencement date if that person does not meet the requirements contained in these Rules.
Amended (as from 6th June 2017).