Section 204. Functions of insolvency professional agencies. –

An insolvency professional agency shall perform the following functions, namely: –

• (a) grant membership to persons who fulfil all requirements set out in its bye-laws on payment of membership fee;
• (b) lay down standards of professional conduct for its members;
• (c) monitor the performance of its members;
• (d) safeguard the rights, privileges and interests of insolvency professionals who are its members;
• (e) suspend or cancel the membership of insolvency professionals who are its members on the grounds set out in its bye-laws;
• (f) redress the grievances of consumers against insolvency professionals who are its members; and
• (g) publish information about its functions, list of its members, performance of its members and such other information as may be specified by regulations.