Transfer of clients between registered agents

(1) Where a client requests a transfer of business from one IFS Practitioner to another, the proposed new IFS Practitioner shall make all due inquiries from the current IFS Practitioner as to the reasons for such requested change. (2) An IFS Practitioner shall respond to another IFS Practitioner’s reasonable requests on a timely basis. (3) An IFS Practitioner shall offer reasonable assistance in effecting settlement of outstanding invoices by clients before the transfer of the company to the new registered agent. (4) Where a client transfers his business from one IFS Practitioner to another, the former IFS Practitioner shall, upon payment of his outstanding invoices, if any, deliver promptly to the new IFS Practitioner, all relevant books, documents and records of the relevant client company including any memorandum and articles of association, certificate of incorporation, share register, copies of minutes and resolutions and an impression of the corporate seal. (5) An IFS Practitioner shall not file documents, settle licence fees or restore struck off companies that he does not represent as registered agent without the agreement of the registered agent on record, which agreement shall not be unreasonably withheld by the registered agent on record.