Section 65: Establishment of Insolvency Administration Office

1) After the commencement of this Act, the Government of Nepal shall establish an Insolvency Administration Office by notification in the Nepal Gazette. Pending the establishment of such an Office, the Government of Nepal may designate any of its offices to perform the functions of the Insolvency Administration Office.

2) The Office established pursuant to sub-section (1) shall perform the following functions:

(a) To administer insolvency practice;

(b) To register insolvency practitioners, issue licenses to them, and renew such licenses;

(c) To carry out general supervision of the management of companies which have become insolvent;

(d) To conduct investigations of the code of office required to be observed by insolvency practitioners;

(e) To maintain records of each company which has become insolvent; and

(f) To perform such other functions as prescribed.