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CS Professional · Insolvency and Bankruptcy - Law and Practice · Professional and Ethical Practices for Insolvency Practitioners

Meridian Insolvency Agency receives a written complaint from a creditor, Sundaram Textiles, alleging poor conduct by one of its enrolled members. Which function of an insolvency professional agency under the Code covers its duty to deal with this complaint?

The agency's function of redressing the grievances of consumers against insolvency professionals who are its members covers the complaint. Section 204 gives this duty to the agency. Fee levy, curriculum and eligibility specifications are Board functions under section 196.

  1. ARedressing the grievances of consumers against insolvency professionals who are its membersCorrect
  2. BLevying fees for registration and renewal of insolvency professionals
  3. CLaying down the minimum curriculum for the examination of insolvency professionals
  4. DSpecifying the eligibility requirements for registration of insolvency professional agencies

Explanation

Section 204(f) makes it a function of an insolvency professional agency to redress grievances of consumers against its members. Fee levy, curriculum and eligibility requirements are functions of the Board under section 196, so those options are wrong.

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