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The Scottish Partnerships (Register of People with Significant Control) Regulations 2017

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Relaxation of restrictions

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7.—(1) An application may be made to the court for an order directing that the relevant interest cease to be subject to restrictions.

(2) An application for an order under this paragraph may be made by the eligible Scottish partnership in question or by any person aggrieved.

(3) The court must not make an order under this paragraph unless—

(a)it is satisfied that the information required by the notice served under regulation 10 or 11 has been disclosed to the eligible Scottish partnership and no unfair advantage has accrued to any person as a result of the earlier failure to make that disclosure, or

(b)the relevant interest is to be transferred for valuable consideration and the court approves the transfer.

(4) An order under this paragraph made by virtue of sub-paragraph (3)(b) may continue, in whole or in part, the restriction mentioned in paragraph 3(1)(c) so far as it relates to a right acquired or offer made before the transfer.

(5) Where any restrictions continue in force under sub-paragraph (4)—

(a)an application may be made under this paragraph for an order directing that the relevant interest cease to be subject to those restrictions, and

(b)sub-paragraph (3) does not apply in relation to the making of such an order.

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