Paragraph 3 Notice of intent

England and Wales

(1)

Where an administrator proposes to impose one or more discretionary requirements on a seller, the administrator must serve a notice of intent on that seller M1.

(2)

The notice of intent must—

(a)

if the administrator proposes to impose a non-monetary discretionary requirement M2—

(i)

specify the steps that the administrator proposes the seller be required to take;

(ii)

specify the time period within which the administrator proposes that those steps are to be completed;

(b)

if the administrator proposes to impose a variable monetary penalty, specify the amount of penalty proposed;

(c)

include information as to—

(i)

the grounds for the proposal to impose the one or more discretionary requirements;

(ii)

the right to make representations and objections conferred by paragraph 4;

(iii)

the circumstances in which the administrator may not impose the one or more discretionary requirements;

(iv)

the 28 day period within which representations and objections may be made;

(v)

in the case of a variable monetary penalty, how payment may be made.

Annotations

Marginal citations

M1

For the meaning of “notice of intent”

see paragraph 13(1)(a) of Schedule 6 to that Act.

M2

For the meaning of “non-monetary discretionary requirement”

see paragraph 12(4) of that Act.