C1C3 PART XIIINSOLVENCY PRACTITIONERS AND THEIR QUALIFICATION

Annotations:
Modifications etc. (not altering text)

F1Oversight of recognised professional bodies

Annotations:
Amendments (Textual)

Financial penaltyC2350F

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.