23 Meaning and effect of special administration order
Water Industry Act 1991 (1991 c 56) | Legislation

Special administration orders

23  Meaning and effect of special administration order

(1)     A special administration order is an order of the High Court made in accordance with section 24 or 25 below in relation to a company holding an appointment under Chapter I of this Part [or which is a qualifying licensed water supplier [a qualifying water supply licensee or a qualifying sewerage licensee]] and directing that, during the period for which the order is in force, the affairs, business and property of the company shall be managed, by a person appointed by the High Court—

(a)     for the achievement of the purposes of such an order; and

(b)     in a manner which protects the respective interests of the members and creditors of the company.

(2)     The purposes of a special administration order made in relation to any company [holding an appointment under Chapter 1 of this Part] shall be—

(a)     the transfer to another company, or (as respects different parts of the area to which the company's appointment relates, or different parts of its undertaking) to two or more different companies, as a going concern, of so much of the company's undertaking as it is necessary to transfer in

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Directors’ remuneration

Directors’ remunerationCompany directors are not, by virtue only of their office as director, automatically entitled under company law to remuneration for services as a director or to reimbursement of expenses incurred in rendering such services. Power to pay directors remuneration for their

LEXISNEXIS

Transferred malice

Transferred maliceThe principle of transferred maliceIf a person has a malicious intent towards X and, in carrying out that intent, injures Y, he is guilty of an offence. So, if D shoots at A with intent to kill him but kills B by mistake it is murder; the mistake as to the identity of the victim is

LEXISNEXIS

Debt for equity swaps

Debt for equity swapsA popular restructuring method is a debt for equity swap; financial creditors receive equity in the restructured vehicle in return for reducing or cancelling their debt claims against the company (and the rest of the group).Many highly levered deals have thin equity cushions and

LEXISNEXIS

Guarantee payments

Guarantee paymentsThis Practice Note explains the right to a guarantee payment, which provides limited pay protection for certain employees who are laid off or put on short-time working.In practice the question whether a guarantee payment is due will usually arise in the case of hourly paid or piece