[F1391QDirect sanctions order: conditionsE+W+S
(1)Condition 1 is that the person, in acting as an insolvency practitioner or in connection with any appointment as such, has failed to comply with—
(a)a requirement imposed by the rules of the relevant recognised professional body;
(b)any standards, or code of ethics, for the insolvency-practitioner profession adopted from time to time by the relevant recognised professional body.
(2)Condition 2 is that the person—
(a)is not a fit and proper person to act as an insolvency practitioner;
(b)is a fit and proper person to act as an insolvency practitioner only in relation to companies, but the person's authorisation is not so limited; or
(c)is a fit and proper person to act as an insolvency practitioner only in relation to individuals, but the person's authorisation is not so limited.
(3)Condition 3 is that it is appropriate for the person's authorisation to act as an insolvency practitioner to be suspended for a period or until one or more requirements are complied with.
(4)Condition 4 is that it is appropriate to impose other restrictions on the person acting as an insolvency practitioner.
(5)Condition 5 is that loss has been suffered as a result of the failure mentioned in condition 1 by one or more creditors of a company, individual or insolvent partnership in relation to which the person is acting or has acted as an insolvency practitioner.
(6)In this section “relevant recognised professional body” has the same meaning as in section 391O.]
Textual Amendments
F1Ss. 391O-391R and cross-heading inserted (1.10.2015 immediately after 2015 c. 20, s. 17 comes into force) by Small Business, Enterprise and Employment Act 2015 (c. 26), ss. 141, 164(1); S.I. 2015/1689, reg. 3(a) (with Sch. para. 18)
Modifications etc. (not altering text)
C1Pt. 13 applied (with modifications) (7.4.2017) by Building Societies Act 1986 (1986 c. 53), Sch. 15A (as amended by S.I. 2017/400, regs. 1(2), 2(4))
C2Pt. 13 applied (with modifications) (7.4.2017) by Friendly Societies Act 1992 (1992 c. 40), Sch. 10 (as amended by S.I. 2017/400, regs. 1(2), 3)
C3Pt. 13 applied (with modifications) (7.4.2017) by Building Societies Act 1986 (1986 c. 53), Sch. 15 (as amended by S.I. 2017/400, regs. 1(2), 2(3))
C4Ss. 391A-391T applied (with modifications) (7.4.2017) by Banking Act 2009 (2009 c. 1), s. 145 Table 2 (as amended by S.I. 2017/400, regs. 1(2), 5(10))
C5Ss. 391A-391T applied (with modifications) (7.4.2017) by Banking Act 2009 (2009 c. 1), s. 103 (as amended by S.I. 2017/400, regs. 1(2), 5(4))
C6Ss. 390-391T applied (with modifications) (E.W.S.) (8.7.2021) by The Payment and Electronic Money Institution Insolvency Regulations 2021 (S.I. 2021/716), regs. 2, 37 (with reg. 5) (as amended (4.1.2024) by S.I. 2023/1399, regs. 1(2), 4, 11)