Commentary on Sections Summary Status of scheme Section 123: Approval of notices issued under section 122
391.This section provides that where a “section 122 notice” (“scheme failure notice” or “withdrawal notice” or notice under section 122(4)) is issued the Board must determine whether or not to approve it. Conditions for approval are provided in the section.
392.Subsection (1) sets out that this section applies where the Board receives a section 122 notice. Subsection (2) states that the Board must determine whether to approve the section 122 notice. Where the conditions in subsection (3) are satisfied the Board must approve the section 122 notice. These conditions are that the Board is satisfied that the insolvency practitioner was required to issue the notice and the notice complied with any requirements set out in regulations made under section 122(8). Subsection (4) provides that when the Board has come to a decision about whether or not to approve the section 122 notice it must inform certain parties (which are listed under this subsection) by issuing a “determination notice”. Subsection (5) provides that the form and content of the determination notice will be prescribed by regulations.