In order to remain a member, the company has six weeks – until mid-May – to submit its report for audit and will have to submit an additional interim due diligence report in six months time so that the TTF can monitor its progress.

TTF chief executive John White said although suspension was a last resort, it had proved successful for ensuring members complied with the requirements.

Another member, which was suspended earlier this year, responded positively to the situation and took all the necessary steps to re-enter TTF membership within the six-week suspension period.