(1) Where a complaint is made that any person licensed pursuant to Sub-section (3) of Section 64 has not performed the functions as set forth in the license or the Office makes a report to that effect or the Court itself so considers, then the Court may institute action in this respect and issue an order suspending or canceling the license of such person.
(2) Prior to issuing any order pursuant to Sub-section (1), such person shall be provided with an opportunity to defend himself or herself.
(3) The Court may issue the order referred to in Sub-section (1) on the following grounds:
(a) Where the licensee does any act that is prohibited under this Act;
(b) Where the licensee does any acts required to be done under this Act in a reckless manner or fails to act such acts in a proper manner;
(c) Where the person licensed to practice insolvency himself or herself becomes insolvent;
(d) Where the person licensed to practice insolvency is convicted by a court of corruption, cheating, forgery or fraud.