(1)
A person is only qualified to act as an insolvency practitioner where he—
(a)
has obtained a degree in law, accountancy or such other relevant discipline from any recognised University or Polytechnic ;
(b)
has a minimum of five years post qualification experience in matters relating to insolvency ;
(c)
is authorised to so act by virtue of a certificate of membership issued by Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN), or his membership of any other professional body recognised by the Commission, being permitted to act by or under the rules of that body ; and
(d)
holds an authorisation granted by the Commission.
(2)
The Commission may prescribe in its regulations such other additional qualifications as may be considered necessary.