Failure of an ATOL holder
This section has no associated Explanatory Memorandum
23.—(1) The CAA must publish a Register of Failed ATOL Holders.
(2) “Failure of an ATOL holder” occurs where paragraphs (a) and (b) are satisfied—
(a)the CAA holds an opinion that an ATOL holder or a person who held an ATOL within the previous 6 months—
(i)has gone into insolvency;
(ii)cannot or will not be able to meet its obligations to its consumers; or
(iii)will fail to meet its obligations to its consumers;
(b)the CAA publishes a notice of the failure of that ATOL holder in the Register of Failed ATOL Holders.
(3) The date on which failure of an ATOL holder occurs is the date on which the relevant notice of the failure of the ATOL holder is published in the Register of Failed ATOL Holders.