Person not to act as insolvency practitioner without licence
48.—(1)  Except under and in accordance with an insolvency practitioner’s licence granted or renewed under section 51, a person must not —
(a)act as an insolvency practitioner in relation to a corporation or an individual; or
(b)advertise, or in any way hold out, that the person is willing to act as an insolvency practitioner in relation to a corporation or an individual.
(2)  Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 12 months or to both.
(3)  No fee, commission or reward is recoverable in any action, suit or matter by any person for anything done by a person that gives rise to an offence under this section.