I beg to move amendment No. 380, in
clause 117, page 72, line 30, after 'occur' insert
'before the end of the period of six months beginning with that date'.
It might be helpful if I briefly set the amendment in context before I talk about it specifically. Clause 117 provides for circumstances in which the board ceases to be involved with an eligible scheme on the occurrence of a withdrawal event. The so-called withdrawal events provided for are when a scheme rescue notice is issued by an insolvency practitioner, the board confirms a scheme rescue in cases where no insolvency practitioner is involved, and the board refuses to assume responsibility for a scheme as a result of a determination under clauses 115 and 116 on the grounds of moral hazard. In circumstances where a withdrawal notice is issued, the involvement of the PPF will cease and the scheme will either run on
following a scheme rescue or proceed to wind-up outside the PPF.
The clause is crucial in defining a key stage in the PPF entry process, and following the completion of any appeals process applicable or resolution of any outstanding appeals. The withdrawal notice marks the end of the assessment period of such schemes. This is essentially a drafting amendment to clarify the process set out in clause 117, which provides for circumstances in which the board ceases to be involved with an eligible scheme on the grounds of a withdrawal event.
Amendment agreed to.
Clause 117, as amended, ordered to stand part of the Bill.