Insolvency Act · 2022 Revised Edition · Part 8
224. Grant, refusal and withdrawal of authorisation
Official textFrom Attorney General's Chambers, unchanged
The competent authority may, on an application made in accordance with section 223 and after being furnished with all such information as it may require under that section, grant or refuse the application.
The authority shall grant the application if it appears to it from the information furnished by the applicant and having regard to such other information, if any, as it may have, that the applicant —
is a fit and proper person to act as an insolvency practitioner; and
meets the prescribed requirements with respect to education and practical training and experience.
An authorisation granted under this section, if not previously withdrawn, continues in force from the date on which the authorisation or further authorisation takes effect until 31st December for the year in respect of which the authorisation was granted.
Where an authorisation is granted under this section, the competent authority must, before its expiry (and without a further application made in accordance with section 223) grant a further authorisation under this section taking effect immediately after the expiry of the previous
Insolvency authorisation, unless it appears to the authority that the subject of the authorisation no longer complies with subsection (2)(a) and (b).
insolvency
“insolvency”, in relation to a company, includes the approval of a voluntary arrangement or the appointment of a judicial manager;
An authorisation granted under this section may be withdrawn by the competent authority if it appears to it that —
the holder of the authorisation is no longer a fit and proper person to act as an insolvency practitioner; or
without prejudice to paragraph (a), the holder —
has failed to comply with any provision of this Part or of the rules; or
in purported compliance with any such provision, has furnished the competent authority with false, inaccurate or misleading information.
An authorisation granted under this section may be withdrawn by the competent authority at the request or with the consent of the holder of the authorisation.
Where an authorisation granted under this section is withdrawn —
subsection (4) does not require a further authorisation to be granted; or
if a further authorisation has already been granted at the time of the withdrawal, the further authorisation is also withdrawn.
Terms defined in s 3
insolvency
Defined · s 3“insolvency”, in relation to a company, includes the approval of a voluntary arrangement or the appointment of a judicial manager;