12(1)A person ceases to be a Commissioner if the person gives the Secretary of State written notice of resignation.
(2)The Secretary of State may call on a Commissioner to resign—
(a)if the Commissioner is convicted of an offence and sentenced to a term of imprisonment;
(b)if the Commissioner is insolvent; or
(c)if the Commissioner is disqualified from being a company director.
(3)If the Secretary of State calls on a Commissioner to resign, the Commissioner must resign—
(a)on the date specified by the Secretary of State, or
(b)on any earlier date which the Commissioner agrees with the Secretary of State.
(4)For the purposes of this paragraph a person is “insolvent” if—
(a)the person has become bankrupt or is an undischarged bankrupt;
(b)the person has become the subject of a bankruptcy restrictions order;
(c)a debt relief order or a debt relief restrictions order has been made in respect of the person;
(d)the person has made a composition or arrangement with his or her creditors, or granted a trust deed for his or her creditors;
(e)under the law of Scotland, the person’s estate has been sequestrated and the person has not been discharged.
(5)For the purposes of this paragraph a person is “disqualified from being a company director” if the person is subject to—
(a)a disqualification order or disqualification undertaking under the Company Directors Disqualification (Northern Ireland) Order 2002 (S.I. 2002/3150 (N.I. 4)),
(b)any order, undertaking or other provision under the law of England and Wales or Scotland that has a corresponding effect,
(c)an order under Article 86(1) of the Judgments Enforcement (Northern Ireland) Order 1981 (S.I. 1981/226 (N.I. 6)), or
(d)any order, undertaking or other provision under the law of England and Wales or Scotland that has a corresponding effect.
Commencement Information
I1Sch. 1 para. 12 not in force at Royal Assent, see s. 63(4)
I2Sch. 1 para. 12 in force at 1.12.2023 by S.I. 2023/1293, reg. 2(a)