(1) Where the Court makes one or more orders under section 35 in relation to a creditor or creditors of a transferor, the Bank shall, not later than 6 months after the date of the last order in relation to the creditors of that transferor, appoint a person (referred to in this Act as the "Assessor") to determine, in accordance with this Act, the fair and reasonable amount, if any, payable to each creditor concerned.

(2) The Bank may appoint the same person to be the Assessor in relation to more than one transferor.

(3) In appointing a person as the Assessor, the Bank shall ensure that the person has, in the Bank’s opinion, significant knowledge or experience of the financial services sector.

(4) The Bank shall not appoint a person as the Assessor unless the Bank is satisfied that the person would, if appointed, have no conflict of a material nature between any personal or business interests and the performance of the Assessor’s functions.

(5) A person is not eligible to be appointed as the Assessor if the person -