2(1)This paragraph applies where paragraph 1 applies in relation to a debtor.S
(2)If AiB considers that the circumstances mentioned in any of sub-paragraphs (3) to (6) apply in relation to the debtor, AiB must consider whether paragraph 1 should cease to have effect in relation to the debtor.
(3)The circumstances are that—
(a)AiB becomes aware the debtor application submitted under section 2 contains an error, and
(b)the nature of the error is such that the debtor was not at the time of application a debtor to whom section 2(2) applies.
(4)The circumstances are that—
(a)AiB becomes aware that the debtor application submitted under section 2 deliberately misrepresents, or fails to state, a fact that was the case at the time of application, and
(b)the nature of the misrepresentation or the omission of the fact is such that the debtor was not at that time a debtor to whom section 2(2) applies.
(5)The circumstances are that, at any time after the date on which the debtor application is made—
(a)the total value of the debtor's assets (leaving out of account any liabilities and any assets that, under section 88(1), would not vest in a trustee) exceeds £5,000 or such other sum as may be prescribed, or
(b)AiB assesses the debtor, under the common financial tool, as being able to make a contribution.
(6)The circumstances are that, at any time after the date of sequestration—
(a)AiB is not satisfied that the debtor has co-operated with the trustee, and
(b)AiB considers that if paragraph 1 were to cease to have effect it would be—
(i)of financial benefit to the estate of the debtor, and
(ii)in the interests of the creditors.
(7)The Scottish Ministers may by regulations modify this paragraph—
(a)by modifying the circumstances in which paragraph 1 ceases to have effect,
(b)in consequence of any modification made under sub-paragraph (7)(a).
Commencement Information
I1Sch. 1 para. 2 in force at 30.11.2016 by S.S.I. 2016/294, reg. 2