Expedited suspension of an ATOL
37.—(1) The CAA may suspend an ATOL notwithstanding that it has not complied with the requirements of regulation 36 if it—
(a)is no longer satisfied that—
(i)the ATOL holder is a fit or competent person to make available flight accommodation; or
(ii)the resources and financial arrangements of the ATOL holder are adequate for discharging the actual and potential obligations in respect of the activities in which the ATOL holder is engaged;
(b)serves on the ATOL holder at least 72 hours notice of its proposal to suspend the ATOL and its reasons for the proposal; and
(c)considers any representations which may be made to it by the ATOL holder before the expiration of such notice.
(2) In computing the period of 72 hours specified in paragraph (1)(b), the whole of any Saturday, Sunday, Christmas Day, Good Friday, or a bank holiday under the Banking and Financial Dealings Act 1971 in any part of the United Kingdom is to be disregarded.