Paragraph 3 Notice of intent

England and Wales

(1)

Where an administrator proposes to impose a non-compliance penalty on a seller, the administrator must serve on that seller a notice of what is proposed (a “notice of intent”).

(2)

A notice of intent must include information as to—

(a)

the kind of failure in relation to which the administrator proposes to impose the non-compliance penalty;

(b)

the specified steps which remain to be taken by the seller concerned;

(c)

the amount of the penalty proposed;

(d)

how payment may be made;

(e)

the date by which payment would be due;

(f)

the consequences of failure to make payment by the date it is due;

(g)

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

(h)

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

(i)

the circumstances (if any) in which the administrator may be inclined to reduce the amount of the penalty proposed.