(1) A person is not entitled to become, or to remain, registered under this Part if the person -
(a) is an undischarged bankrupt,
(b) has made a composition or arrangement with his creditors and has not discharged his obligations under that composition or arrangement,
(c) has been convicted of an offence involving fraud or dishonesty,
(d) is a company any director of which is prohibited under this section from being a registered administrator, or
(e) is a person who is for the time being subject to the restrictions imposed by section 150 of the Companies Act 1990.
(2) A person is not entitled to be registered under this Part if -
(a) an earlier registration of the person under this Part was terminated under section 64H, and
(b) a period of less than 12 months has elapsed since the date of termination.