144A. (1) Subject to subsections (4), (6), (8) and (9), the relevant event shall not terminate the relevant authorisation until the expiration of the relevant period.

(2) The MARA may, at any time during the relevant period, by notice in writing given to the relevant person, require the person to submit a return, in the specified form and within such period as is specified in the notice (being a period reasonable in all the circumstances of the case), to the MARA on the person’s prospects of finding a proposed assignee within the relevant period.

(3) The relevant person who is given a notice under subsection (2) shall comply with the notice.

(4) Where—

(a) the relevant person who was given a notice under subsection (2) fails to comply with the notice, or

(b) the MARA, having considered a return submitted to it by the relevant person pursuant to a notice under subsection (2), is satisfied that there is no reasonable prospect of the person finding a proposed assignee within the relevant period,

the MARA shall, by notice published on its website, disapply subsection (1) to the relevant authorisation (and subsection (5) of section 144 applies accordingly in respect of the termination of the authorisation).

(5) The relevant person may, by notice in the specified form, request the MARA to extend or further extend the relevant period on the grounds specified in the notice.

(6) The MARA, after having considered a notice given to it by the relevant person pursuant to subsection (5), shall—

(a) if it is satisfied that there is a reasonable prospect of the person finding a proposed assignee within the relevant period as extended or further extended for such period as the MARA thinks reasonable in all the circumstances of the case, by notice in writing given to the person, extend or further extend the relevant period for such period as is specified in the notice, or

(b) if not so satisfied, by notice in writing given to the person refuse to extend or further extend the relevant period.

(7) For the purposes of this section, the references to ‘holder’ and ‘proposed assigner’ in section 85 may be construed as references to the relevant person.

(8) Where, before the expiration of the relevant period, an application is made under section 85 for the assignment of the relevant authorisation, the relevant period shall not expire until the determination of the application.

(9) Where the relevant authorisation is assigned to the proposed assignee pursuant to the determination of an application under section 85, the relevant event shall not apply to the authorisation but without prejudice to any future application of section 144 to the authorisation.

(10) In this section—

"proposed assignee" shall be construed in accordance with section 85;

"relevant authorisation" means a relevant authorisation which is a MAC in respect of which an event which falls within section 144(1)(a) or (b) has occurred in respect of the holder of the authorisation;

"relevant event", in relation to the relevant authorisation, means the event referred to in the definition of "relevant authorisation";

"relevant person", in relation to the relevant authorisation, means—

(a) the holder of the authorisation,

(b) a secured party, or

(c) both the holder and such party;

"relevant period", in relation to the relevant authorisation, means the following:

(a) subject to paragraph (b), the period of 90 days commencing on the day immediately following the day on which the relevant event occurs;

(b) that 90 days as extended or by virtue of subsection (6)(a) or (8);

"security interest" means any mortgage, charge, pledge, lien or other security interest securing any obligation of any person or any agreement or other arrangement having a similar effect;

"secured party", in relation to a relevant authorisation, means a person—

(a) in whose favour a security interest has been created over—

(i) the maritime usage the subject of the authorisation, or

(ii) the shares (if any) of the holder of the authorisation,

or

(b) who has, pursuant to an agreement in writing, been afforded rights to step in to the interest that the holder of the authorisation has in the maritime usage the subject of the authorisation,

and whether or not the person is acting for the person’s own benefit or as agent, security agent, security trustee or otherwise for the first-mentioned person or another person, and includes any transferee of, or purchaser from, the first-mentioned person or nominee or novatee of the holder of the authorisation or of the first-mentioned person.