F1 PART XIIINSOLVENCY PRACTITIONERS AND THEIR QUALIFICATION
F2Oversight of recognised professional bodies
Arts. 350D-350K and cross-heading inserted (1.4.2016) by Insolvency (Amendment) Act (Northern Ireland) 2016 (c. 2), ss. 16(1), 28(2); S.R. 2016/203, art. 2
Financial penalty350F
1
This Article applies if the Department is satisfied—
a
that a recognised professional body has failed to comply with a requirement to which this Article applies; and
b
that, in all the circumstances of the case, it is appropriate to impose a financial penalty on the body.
2
This Article applies to a requirement imposed on the recognised professional body—
a
by a direction given under Article 350D; or
b
by a provision of this Order or of subordinate legislation under this Order.
3
The Department may impose a financial penalty, in respect of the failure, of such amount as the Department considers appropriate.
4
In deciding what amount is appropriate, the Department—
a
must have regard to the nature of the requirement which has not been complied with; and
b
must not take into account the Department's costs in discharging functions under this Part.
5
A financial penalty under this Article is payable to the Department; and sums received by the Department in respect of a financial penalty under this Article (including by way of interest) are to be paid into the Consolidated Fund.
6
In Articles 350G to 350I, “penalty” means a financial penalty under this Article.
Pts. XI-XIV modified by S.R. 2004/307 (as amended (1.10.2006) by Limited Liability Partnerships (Amendment) Regulations (Northern Ireland) 2006 (S.R. 2006/377), reg. 3, Sch. 2)