Insolvency Practitioners Regulation Act 2019

20 Procedure relating to exercise of cancellation or suspension powers

(1)

A relevant authority may cancel a licence under section 17 or suspend a licence under section 18 only if—

(a)

the relevant authority gives the licensed insolvency practitioner at least 10 working days’ written notice of the following matters before it exercises the power:

(i)

that the relevant authority may suspend or cancel the licence:

(ii)

the reasons why it is considering exercising that power; and

(b)

the relevant authority gives the licensed insolvency practitioner or the licensed insolvency practitioner’s representative an opportunity to make written submissions and to be heard on the matters within that notice period.

(2)

The relevant authority must, within 5 working days after the cancellation or suspension, give notice of the cancellation or suspension to the licensed insolvency practitioner and the Registrar.

(3)

The notice given to the licensed insolvency practitioner must include a statement of the grounds for the cancellation or suspension.

(4)

A relevant authority that fails to comply with subsection (2) commits an offence and is liable on conviction to a fine not exceeding $30,000.

Compare: 2011 No 21 s 22