Commentary on Sections Summary Entitlement to fraud compensation Section 183: Board’s duties in respect of certain applications under section 182
667.This section applies where an application is made by a scheme which is not an eligible scheme for the purposes of Chapter 3 of Part 2 and the employer is not likely to continue as a going concern (and other requirements to be set out in regulations are met).
668.The Board will as soon as reasonably practicable issue a notice that a scheme rescue is not possible or has occurred. Subsection (3) provides that it must as soon as reasonably practicable give a copy to the Regulator, the trustees or managers of the scheme, the person who made the application and the insolvency practitioner (and if there is no practitioner, the employer).
669.Subsection (4) provides that the notice becomes binding once the period for review has expired and any review, reconsideration and reference to the PPF Ombudsman and reference to any appeal against his decision had been disposed of and the notice has not been revoked, varied or substituted.
670.Where a notice becomes binding, a notice to that effect must be given along with a copy of the binding notice to those mentioned in subsection (3). The form and contents of this notice will be set out in regulations.
671.Subsection (7) provides that section 130 (circumstances in which scheme rescue can or cannot be confirmed by the Board) applies for the purposes of this section.