Automatic cancellation of licence on bankruptcy etc.
28 Automatic cancellation of licence on bankruptcy etc.
A licence is automatically cancelled if the licensee—
becomes an insolvent under administration; or
S. 28(1)(b) amended by No. 101/1998 s. 8(2)(b).
becomes an externally-administered body corporate; or
S. 28(1)(c) amended by No. 13/2019 s. 221(Sch. 1 item 33).
becomes a represented person within the meaning of the Guardianship and Administration Act 2019.
A licence is automatically cancelled 30 days after the licensee—
S. 28(2)(a) amended by No. 8/2003 s. 65.
is convicted or found guilty of a serious offence (whether or not a conviction was recorded); or
is disqualified from holding a licence.
A licence is automatically cancelled if a partner of a licensee that is a partnership, or a director of a licensee that is a body corporate—
S. 28(3)(a) amended by Nos 8/2003 s. 65, 63/2010 s. 76(2)(a).
is or has been convicted or found guilty of a serious offence (whether or not a conviction was recorded) or is or has been disqualified from holding a licence; and
S. 28(3)(b) amended by No. 63/2010 s. 76(2)(b).
is a partner or director of the licensee 30 days or more after the conviction or disqualification.
If a person whose licence would otherwise be cancelled by subsection (2)(a) or (3)(a) applies for permission under section 29B or 29C within the 30 day period referred to in that subsection, the person's licence is only automatically cancelled if the application is withdrawn or is refused by the Authority.
S. 29 substituted by No. 74/1996 s. 15.
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