Withdrawal following issue of Article 106(4) notice
132.—(1) This Article applies where—
(a)a notice under Article 106(4) (inability to confirm status of scheme) is issued in relation to an eligible scheme and becomes binding, and
(b)a withdrawal event has not occurred in relation to the scheme in respect of a withdrawal notice which has been issued during the period—
(i)beginning with the occurrence of the last insolvency event in relation to the employer, and
(ii)ending immediately before the notice under Article 106(4) becomes binding,
and the occurrence of such a withdrawal event in respect of a withdrawal notice issued during that period is not a possibility (see Article 133).
(2) The Board must determine whether any insolvency event—
(a)has occurred in relation to the employer since the issue of the notice under Article 106(4), or
(b)is likely to so occur before the end of the period of six months beginning with the date on which this Article applies.
(3) If the Board determines under paragraph (2) that no insolvency event has occurred or is likely to occur as mentioned in that paragraph, it must issue a notice to that effect (a “withdrawal notice”).
(4) Where—
(a)no withdrawal notice is issued under paragraph (3) before the end of the period mentioned in paragraph (2)(b), and
(b)no further insolvency event occurs in relation to the employer during that period,
the Board must issue a notice to that effect (a “withdrawal notice”).
(5) Where the Board is required to issue a withdrawal notice under this Article, it must give a copy of the notice to—
(a)the Regulator,
(b)the trustees or managers of the scheme, and
(c)the employer.
(6) For the purposes of this Part, a withdrawal notice issued under this Article is not binding until—
(a)the period within which the issue of the notice may be reviewed by virtue of Chapter 6 has expired, and
(b)if the issue of the notice is so reviewed—
(i)the review and any reconsideration,
(ii)any reference to the PPF Ombudsman in respect of the issue of the notice, and
(iii)any appeal against his determination or directions,
has been finally disposed of and the notice has not been revoked, varied or substituted.
(7) Where a withdrawal notice issued under this Article becomes binding, the Board must as soon as reasonably practicable give a notice to that effect together with a copy of the binding notice to—
(a)the Regulator,
(b)the trustees or managers of the scheme, and
(c)the employer.
(8) Notices under this Article must be in the prescribed form and contain such information as may be prescribed.
(9) A notice given under paragraph (7) must state the time from which the Board ceases to be involved with the scheme (see Article 133).