An order under section 391(1) or (2) in relation to a recognised professional body may be revoked by the Secretary of State by order if—
the body has requested that an order be made under this subsection, and
the Secretary of State is satisfied that it is appropriate in all the circumstances of the case to revoke the body's recognition under section 391.
An order under section 391(1) in relation to a recognised professional body may be revoked by the Secretary of State by an order which also declares the body concerned to be a recognised professional body which is capable of providing its insolvency specialist members with partial authorisation only of the kind specified in the order (see section 390A(1)) if—
the body has requested that an order be made under this subsection, and
the Secretary of State is satisfied that it is appropriate in all the circumstances of the case for the body to be declared to be a recognised professional body which is capable of providing its insolvency specialist members with partial authorisation only of the kind specified in the order.
Where the Secretary of State decides to make an order under this section the Secretary of State must publish a notice specifying—
when the order is to take effect, and
the Secretary of State's reasons for making the order.
An order under this section—
has effect from such date as is specified in the order, and
may make provision for members of the body in question to continue to be treated as fully or partially authorised (as the case may be) to act as insolvency practitioners for a specified period after the order takes effect.
An order under subsection (2) has effect as if it were an order made under section 391(2).