(1) Without prejudice to section 4 (1), where a person is found under section 35 (1) to be conducting money services business without a licence, the Authority may apply to the court for appointment of a receiver to liquidate the business.
(2) Before applying for the appointment of a receiver under subsection (1), the Authority shall give the person concerned notice in writing of the Authority's intention to do so and shall require the person to comply with the requirements of this Act within a specified period being not less than 30 days and the Authority shall advise the person of the Authority's decision.