(1)This section applies where the Board receives a notice under section 122(6) (“the section 122 notice”).
(2)The Board must determine whether to approve the section 122 notice.
(3)The Board must approve the section 122 notice if, and only if, it is satisfied—
(a)that the insolvency practitioner or former insolvency practitioner who issued the notice was required to issue it under that section, and
(b)that the notice complies with any requirements imposed by virtue of subsection (8) of that section.
(4)Where the Board makes a determination for the purposes of subsection (2), it must issue a determination notice and give a copy of that notice to—
(a)the Regulator,
(b)the trustees or managers of the scheme,
(c)the insolvency practitioner or the former insolvency practitioner who issued the section 122 notice,
(d)any insolvency practitioner in relation to the employer (who does not fall within paragraph (c)), and
(e)if there is no insolvency practitioner in relation to the employer, the employer.
(5)In subsection (4) “determination notice” means a notice which is in the prescribed form and contains such information about the determination as may be prescribed.
Commencement Information
I1S. 123(5) in force for the purpose only of conferring power to make regulations, orders or rules, as the case may be, 10.2.2005; and for all other purposes at 6.4.2005 in so far as not already in force by S.I. 2005/275, art. 2(3), Sch. Pt. 3