The rules stated herein aim to set out the Principles of Conduct, which the officeholder and the expert shall adhere to when performing bankruptcy procedures and duties. They must not risk violating such principles, to enhance confidence in the bankruptcy procedures.
The rules stated herein shall be applicable to the officeholder and the expert upon performing their assigned acts and duties, under the provisions of the Bankruptcy Law and its Implementing Regulations, as well as the relevant rules and instructions.
The officeholder and expert shall adhere to the following Principles of Conduct:
a. Integrity; The acts must be done with honesty and truthfulness, while refraining from acts that seem to cast suspicion or doubt and avoid associating with any act that could taint the reputation.
b. Objectivity; The acts and duties must be done professionally, i.e., without acting based on any conflict of interests, external pressures, bias or previous assumptions.
c. Transparency; Being clear in acts, duties and in all professional relationships, in accordance with the regulatory procedures.
d. Confidentiality; Maintaining the privacy of the information and documents being accessed prior to and after appointment, by not using such information and documents for personal interest even after terminating the procedure, or disclosing them to others without obtaining a written permission from the competent authority unless such information and documents are disclosed by virtue of regulatory provisions or a court order.
e. Professional Competence and Due Diligence; Exerting the necessary effort in performing the acts and duties in accordance with the regulatory provisions and professional criteria.
To promote transparency in bankruptcy procedures, the officeholder and the expert are obliged to document in writing all of the acts undertaken as part of the bankruptcy procedure and provide any information or documents to the court, Bankruptcy Commission, and any other person who is authorized to access such information and documents by virtue of a regulatory provision or a court order.
Prior to accepting the appointment, the officeholder and the expert must:
a. Verify that they can perform the acts and duties assigned thereto in accordance with the provisions of relevant laws, regulations, rules and instructions, without any risks limiting their abilities.
b. Disclose any relationship with the debtor or creditor, or any conflict of interests related to the bankruptcy procedure.
The officeholder and the expert shall follow the technical and professional developments, that enables them to exert the due professional diligence, along with the following:
a. The adjustments introduced to the provisions of relevant laws, regulations, rules and instructions.
b. The updates introduced to the rules and criteria issued by the relevant professional bodies.
c. The development occurring in local and international bankruptcy procedures.
The officeholder and the expert shall take the necessary action to raise the performance quality, such as governance-related procedures, and creating specific criteria for accepting acts and duties which include the following:
a. Adopting written policies and procedures for implementing the provisions of the rules stated herein.
b. Adopting policies and procedures related to defining their relationships and interests with the other parties.
c. Ensuring their teams' compliance with all adopted policies and procedures, while monitoring the level of compliance therewith.
d. Getting familiar with the nature of the debtor's business and anything relating thereto, as well as their work requirements, purpose, nature and scope.
e. Learning about the relevant sectors and topics.
f. Having the necessary expertise and knowledge about the know-how of the debtor's business activities.
g. Providing a sufficient number of competent personnel to perform acts and duties relevant to the bankruptcy procedure.