Clause 4

replace subsection (1) with —“(1) A company may appoint any qualified person to be its Restructuring Adviser to advise the company in matters relating to its entry into the simplified debt restructuring programme.”;

delete subsection (2);

replace subsection (4) with —“(4) When more than one Restructuring Adviser is appointed for a company, any power given to a Restructuring Adviser under this Part may be exercised by any one or more of them as provided by agreement between the company and him, her or them (as the case may be) at the time of the appointment or appointments.”; (d)replace subsection (7) with —“(7) In this section, “qualified person” means any person —

who —

is a public accountant;

is a chartered accountant within the meaning of section 2(1) of the Accounting and Corporate Regulatory Authority Act 2004; or

possesses any other qualification or any relevant experience as the Minister may prescribe by regulations made under section 72V; and

who is a licensed insolvency practitioner.”; and

after subsection (7), insert —“(8) The following must not be appointed, and must not act, as a Restructuring Adviser of a company:

an undischarged bankrupt;

the holder of a charge or other security over any property of the company;

an auditor of the company;

a director, secretary or employee of the company, or of any company that is the holder of a charge or other security over the property of the company.”.