If the regulated person on whom a penalty is imposed is aggrieved by—
the regulated person may make an application to the court under this section.
An application under subsection (1) must be made—
On any such application, where the court considers it appropriate to do so in all the circumstances of the case and is satisfied of one or more of the grounds falling within subsection (4), the court—
The grounds falling within this subsection are—
If an application is made under this section in relation to a penalty, the penalty is not required to be paid until the application has been determined.
Where the court substitutes a penalty of a lesser amount it may require the payment of interest on the substituted penalty at such rate, and from such date, as it considers just and equitable.
Where the court specifies as a date by which the penalty, or a portion of the penalty, is to be paid a date before the determination of the application under this section it may require the payment of interest on the penalty, or portion, from that date at such rate as it considers just and equitable.
Except as provided by this section, the validity of a penalty shall not be questioned by any legal proceedings whatever.
In this section "the court" means—