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5. Insolvency practitioner services

(1) This Rule sets out the conditions of licence for an applicant for a licence to carry on the controlled activity of insolvency practitioner services.
(2) The applicant must —
(a) be licensed or authorised by an approved insolvency practitioner regulatory body to carry on activities of the kind which the applicant intends to carry on in the Abu Dhabi Global Market;
(b) at all times maintain such licence or authorisation;
(c) maintain premises in the Abu Dhabi Global Market;
(d) ensure that any obligations imposed from time to time upon him or his connected persons by or under any enactment (including the Regulations and these Rules), any other law applicable in the Abu Dhabi Global Market and any law applicable outside the Abu Dhabi Global Market to which he is subject, are complied with;
(e) at all times put in place suitable arrangements to ensure that he will comply with the obligations referred to in paragraph (2)(d); and
(f) have paid any fees and dues owed to the Registrar pursuant to the Regulations or any rules made thereunder.
(3) The applicant and any connected person must not be subject to any of the following events —
(a) imprisonment or any other penalty in criminal proceedings;
(b) becoming and continuing to be unable to attend to the business of the applicant; and
(c) abandonment of his business in the Abu Dhabi Global Market.
(4) The applicant must comply with any other conditions and requirements specified in writing by the Registrar from time to time.