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40.—(1) Any person who ceases to be a licensed supplier shall, as regards any qualifying month or part of a qualifying month during which he was a licensed supplier, continue to be treated as if he were a licensed supplier for so long as there is in relation to him–
(a)any liability arising under these Regulations and not fully discharged; or
(b)any right so arising and not fully satisfied.
(2) Where any person who ceases to be a licensed supplier is not liable, by reason of such cessation, to make any further payments under regulation 11, any requirement in these Regulations to make a payment with any further payment under regulation 11 (however such further payment may be described) shall be construed as a requirement to make the payment forthwith, and regulation 29 shall apply as appropriate.
(3) Where any person who ceases to be a licensed supplier is unable, by reason of such cessation, to exercise any right of deduction from payments due under regulation 11 in pursuance of–
(a)paragraph (5)(b) of regulation 14;
(b)paragraph (5) of regulation 15;
(c)paragraph (4) of regulation 24;
(d)paragraph (4) of regulation 25;
(e)paragraph (b) of regulation 26; or
(f)regulation 27;
as read (in each case) with regulation 29, the Director shall make to that person a payment of an amount equal to the amount which could not be so deducted.
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