853. Failure of an ATOL holder.

The Civil Aviation Authority ('CAA')1 must publish a Register of Failed ATOL Holders2.

Failure of an ATOL holder occurs where3:

  1.  

    (1)     the Civil Aviation Authority ('CAA') holds an opinion that an ATOL holder or a person who held an ATOL within the previous 6 months4:

    1.  

      (a)     has gone into insolvency5;

    2.  

      (b)     cannot or will not be able to meet its obligations to its consumers