Revised Practice Note on Bonds of Security
01 June 2021
Dear Members
SARIPA hereby withdraws the Practice Note of 5 May 2021 and notes that the statement that “a major bank’s brokerage firm has been in contact with certain of our Insolvency Practitioners, asking them to write their bonds of security through the bank’s brokerage in matters where that bank has given support to the insolvency practitioner” has regrettably caused certain unintended consequences.
SARIPA apologises to the major banks for having made this statement and for any assumptions or negative aspersions that the statement may have caused.
The revised Practice Note is attached.
Kind regards
René Bekker
Chief Operating Officer