Section 372(4)

An individual appears to have no reasonable prospect of being able to pay a regulated activity debt if— a regulator has served on him a demand requiring him to establish to the satisfaction of that regulator that there is a reasonable prospect that he will be able to pay a sum payable under an agreement when it falls due; at least three weeks have elapsed since the demand was served; and the demand has been neither complied with nor set aside in accordance with rules.

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Source: legislation.gov.uk · retrieved 2026-09-04