Where a person becomes, under paragraph 2(d) of Schedule 1, liable to dismissal or, under paragraph 7(4) of Schedule 4, ineligible for appointment—
(a)by reason that his estate has been sequestrated, he shall cease to be so liable or ineligible—
(i)in the case of the sequestration of his estate being recalled or reduced, on the date of that event; and
(ii)in any other case, on his obtaining a discharge;
(b)by reason of his having made a composition or arrangement with, or granted a trust deed for, his creditors, he shall cease to be so liable or ineligible—
(i)in the case of his paying his debts in full, on the date on which the payment is completed; and
(ii)in any other case, at the end of the period of five years beginning with the date on which the terms of the deed of composition or arrangement or trust deed are fulfilled.