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.