Commentary on Sections Summary Refusal to assume responsibility Section 148: Withdrawal following issue of section 122(4) notice
493.A section 122(4) notice is a notice issued by an insolvency practitioner in respect of a scheme stating that he cannot determine whether the scheme is one in respect of which a scheme rescue is not possible or a scheme rescue has occurred.
494.The section stipulates that a withdrawal notice under subsection (3) must be issued where:
	there is a binding section 122(4) notice;
	a withdrawal event has not occurred in respect of a withdrawal notice that has been issued between the last insolvency event and the section 122(4) notice becoming binding;
	the occurrence of such a withdrawal notice in respect of such a notice is no longer possible (see section 149);
	an insolvency event has not occurred since the issue of the section 122(4) notice and an insolvency event is unlikely to occur within six months from when the section applies;
	where a withdrawal notice becomes binding, the Board’s involvement with the scheme ceases (see section 149).
495.Subsection (4) states that where no withdrawal notice is issued under subsection (3) and no further insolvency event occurs during that six month period the Board must issue a withdrawal notice.
496.Subsection (5) states that the Board must send a copy of any withdrawal notice to the Regulator, the trustees or managers of the scheme and the employer.
497.Subsection (6) specifies that a withdrawal notice issued under this section does not become binding until the period for review has expired and any review, reconsideration or reference to the PPF Ombudsman and any appeal against his determination has been completed and that notice has not revoked, varied or substituted.
498.Subsection (7) provides that notice that the withdrawal notice has become binding must be given to the Regulator, the trustees or managers and the employer. The notice must specify the time from which the Board will cease to be involved. Subsection (8) allows regulations to specify the form and content of notices under this section.