(1)This section applies for the purposes of section 56.
(2)The first condition is that—
(a)P—
(i)is subject to a trust deed granted by P for the benefit of P's creditors,
(ii)is subject to an individual voluntary arrangement under the Insolvency Act 1986, to repay P's creditors,
(iii)has been adjudged bankrupt and has not been discharged from bankruptcy, or
(iv)has been sequestrated (that is, sequestration of P's estate has been awarded) and the sequestration has not been discharged, and
(b)the approved regulator is satisfied accordingly that P is unsuitable for the position.
(3)The second condition is that—
(a)P is subject to a bankruptcy restrictions order F1... under the Bankruptcy (Scotland) Act 1985, [F2the Bankruptcy (Scotland) Act 2016,] the Insolvency Act 1986 or corresponding Northern Ireland legislation, and
(b)the approved regulator is satisfied accordingly that P is unsuitable for the position.
(4)The third condition is that—
(a)P—
(i)is subject to a disqualification order or undertaking under the Company Directors Disqualification Act 1986 or corresponding Northern Ireland legislation,
(ii)is disqualified by a court from holding, or otherwise has been removed by a court from, a position of business responsibility (for example, from being a director of a charity), and
(b)the approved regulator is satisfied accordingly that P is unsuitable for the position.
(5)The fourth condition is that—
(a)P—
(i)has been convicted of an offence involving dishonesty, or
(ii)in respect of an offence, has been fined an amount equivalent to level 4 on the standard scale or more (whether on summary or solemn conviction) or sentenced to imprisonment for a term of 12 months or more, and
(b)the approved regulator is satisfied accordingly that P is unsuitable for the position.
(6)The fifth condition is that—
(a)P (acting in the relevant capacity) has—
(i)failed in a material regard to fulfil any of P's duties under (or arising by virtue of) this Part, or
(ii)caused, or substantially contributed to, a material breach of the terms or conditions of the licensed provider's licence, and
(b)the approved regulator is satisfied accordingly that P is unsuitable for the position.
(7)In subsections (3)(a) and (4)(a)(i), “Northern Ireland legislation” has the meaning given in section 24(5) of the Interpretation Act 1978.
Textual Amendments
F1Words in s. 58(3)(a) omitted (30.11.2016) by virtue of Bankruptcy (Scotland) Act 2016 (asp 21), s. 237(2), sch. 8 para. 26(2)(a) (with ss. 232, 234(3), 235, 236); S.S.I. 2016/294, reg. 2
F2Words in s. 58(3)(a) inserted (30.11.2016) by Bankruptcy (Scotland) Act 2016 (asp 21), s. 237(2), sch. 8 para. 26(2)(b) (with ss. 232, 234(3), 235, 236); S.S.I. 2016/294, reg. 2
Commencement Information
I1S. 58 in force at 2.7.2012 by S.S.I. 2012/152, art. 2, Sch.