Part 5Debt management and relief

Chapter 4Debt management schemes

Termination of approval

125Procedure for termination

1

Regulations may specify a procedure for terminating the approval of a debt management scheme.

2

Regulations under this section may, in particular, specify a procedure that requires any or all of the following—

a

notice of, or the reasons for, an intended termination to be given (whether to the supervising authority, the scheme operator, the Lord Chancellor or any other person);

b

conditions to be met before a termination takes effect;

c

a particular period of time to elapse before a termination takes effect.

126Terminating an approval

The approval of a debt management scheme may be terminated only if the termination is in accordance with all of the following (so far as they are relevant)—

a

any terms to which the approval is subject by virtue of section 113;

b

any provision made in regulations under section 125;

c

any other provision made in other regulations under this Chapter.

127Alternatives to termination

1

Regulations may make provision to allow the supervising authority to deal with a termination case other than by terminating the approval.

2

A termination case is a case in which the supervising authority would be entitled to terminate the approval of a debt management scheme.

3

Regulations under this section may, in particular, make provision to allow the supervising authority to transfer the operation of the scheme—

a

to itself, or

b

to any other body.