SCHEDULE 5 Special Administration
Flood and Water Management Act 2010 (2010 c 29) | Legislation

SCHEDULE 5 Special Administration

Section 34

Transfer schemes

1

(1)     This paragraph amends paragraph 2 of Schedule 2 to the Water Industry Act 1991 (transfer schemes).

(2)     In sub-paragraph (1) omit “and, in relation to the matters affecting them, of any other appointeesâ€.

(3)     In sub-paragraph (3) for “, of the existing appointee and, in relation to the matters affecting them, of any other appointees,†substitute “and the existing appointeeâ€.

(4)     In sub-paragraph (4) for “, the new appointee and, in relation to the provisions of the order which affect them, any other appointees†substitute “and the new appointeeâ€.

2

At the end of paragraph 3(2)(b) of Schedule 2 add “(but may not impose new liabilities on any other appointee);â€.

Objectives

3

After section 23(2A) of the Water Industry Act 1991 (special administration order: effect) insert—

“(2B)     Where a company is in special administration as a result of an order made on the grounds that the company is or is likely to be unable to pay its debts—

(a)     a purpose of the special administration order is to rescue the company as a going concern, and

(b)     the transfer purpose under subsection (2)(a) or (2A)(a) applies

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