The Civil Aviation Authority ('CAA')1 may revoke or suspend an operating licence2 that it has granted3 if it is no longer satisfied that the licence holder can meet its actual or potential obligations for a twelve month period4. Nevertheless, the CAA5 may grant a temporary licence for up to twelve months pending financial reorganisation of a licence holder provided that safety is not at risk and that there is a realistic prospect of a satisfactory financial reconstruction within that time period6. The CAA may exercise such powers only after notifying the licence holder of its intention to do so
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