Appropriate financial standingE+W+S
F16E+W+S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Sch. 3 para. 6 omitted (4.12.2011) by virtue of The Road Transport Operator Regulations 2011 (S.I. 2011/2632), reg. 1(1), Sch. 2 para. 20(2) (with Sch. 3 Pt. 2)
[F26A.(1)An operator has appropriate financial standing under section 13A(2)(c) if the operator is able to demonstrate that it has at its disposal at all times capital and reserves—E+W+S
(a)for goods vehicles authorised to be used under a heavy goods vehicle licence, of—
(i)£8,000 for the first heavy goods vehicle,
(ii)£4,500 for each additional heavy goods vehicle and
(iii)£800 for each light goods vehicle (if any), or
(b)for goods vehicles authorised to be used under a light goods vehicle licence, of—
(i)£1,600 for the first light goods vehicle, and
(ii)£800 for each additional light goods vehicle.
(2)The operator must demonstrate appropriate financial standing—
(a)on the basis of the operator’s annual accounts if certified by a qualified auditor, or
(b)by producing other evidence to the satisfaction of a traffic commissioner that the operator has, in the name of the operator, the necessary capital and reserves, such as—
(i)a bank guarantee,
(ii)a document issued by a financial institution establishing access to credit, or
(iii)any other binding document.
(3)In this paragraph—
“operator” means an applicant for, or a holder of, an operator’s licence in relation to which appropriate financial standing is required under section 13A(2)(c);
“qualified auditor” means a person who is eligible for appointment as a statutory auditor under Part 42 of the Companies Act 2006.]
Textual Amendments