Section 155Part 5 — Company Restructuring and Winding Up
Powers of the Insolvency Rules Committee
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The Insolvency Rules Committee shall have power —
to make rules and prescribe forms for the purpose of giving effect to Parts 4 , 5 and 16 ;
to prescribe court fees to be paid in connection with —
applications under Part 4 ;
winding up proceedings under Part 5 ; and
applications under Part 16 ; and
to make rules for the purpose of specifying —
the qualifications which must be held by a person appointed to the office of official liquidator;
persons who are disqualified from holding office as official liquidator either generally or in relation to a particular compa ny which is not in liquidation before the court;
the nature and scope of professional indemnity insurance, if any, required to be held by persons appointed to the office of official liquidators; and
the nature and scope of security bonds, if any, required to be posted by persons appointed to the office of official liquidator.
The Insolvency Rules Committee, after consultation with the Authority and with any organisation representing insolvency practitioners in the Islands, shall make rules prescribing the rates of fees which may be charged by an official liquidator.