Requirements on applicants
Part VII Control of Business Transfers
(1)The Treasury may by regulations impose requirements on applicants under section 107.
(2)The court may not determine an application under that section if the applicant has failed to comply with a prescribed requirement.
(3)The regulations may, in particular, include provision—
(a)as to the persons to whom, and periods within which, notice of an application must be given;
(b)enabling the court to waive a requirement of the regulations in prescribed circumstances.
“prescribed” (where not otherwise defined) means prescribed in regulations made by the Treasury;
Defined in s.417(1) · see it in the full ActApplies the power to impose requirements on applicants. The prescribed notice and information requirements had been complied with (see para [18]).
Applies the statutory requirement that prescribed regulatory requirements be complied with before an order is made. The court considered the relevant Transfer Regulations requirements satisfied (see paras [55], [58]-[60]).
Applied the statutory regulation-making power and concluded that the relevant prescribed requirements had to be satisfied before sanction could be granted. (see paras [7]-[8])
What each judgment says about section 108 is in the case-law panel in the full Act.
203.This section confers on the Treasury a power to specify, by regulations, requirements with which firms must comply before seeking an order sanctioning a transfer under section 111. Where firms have not complied with those requirements, the court would not be able to sanction the transfer.
204.Subsection (3) confirms that regulations made under this section may include requirements to give notice and the way in which notice must be given. This may, for example, include giving notice of the proposed transfer to customers or creditors of the firm but the kinds of requirement are not limited.
205.Regulations made under this power may also specify the circumstances in which the court may decide that a firm need not comply with a requirement. This is necessary to ensure that in circumstances where a firm cannot reasonably comply with a requirement, it need not prevent a court from approving a transfer. An example where this might be necessary is in relation to a requirement to give notice to customers of the firm transferring its business to another, in circumstances where it did not have contact details for some of its customers, as sometimes happens in the case of dormant bank accounts or old life insurance policies.