Admission to the scheme
54. Where an authorised person becomes insolvent and ceases to trade, other than for the purpose of disposing of stocks and assets, or where such person ceases business or ceases to be registered or dies or becomes bankrupt or incapacitated, his authorisation shall terminate forthwith and he or his representative shall within 2 months make a return as provided for otherwise than under this Part accounting for and paying VAT in respect of supplies made during his current accounting year, subject to any adjustment for credit for input tax.