Water Industry Act 1991
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Change 1
26 Restrictions on voluntary winding up and insolvency proceedings.
(1) Where a company holds an appointment under Chapter I of this Part or is a qualifying water supply licensee or a qualifying sewerage licensee— (a) the company shall not be wound up voluntarily; (b) an administrator may not be appointed in relation to the company, whether by court order or otherwise, under Schedule B1 to the Insolvency Act 1986; (ba) any step taken by any person for the purported purpose of appointing an administrator of the company under Schedule B1 to the Insolvency Act 1986 has no legal effect; (c) no step shall be taken by any person to enforce any security over the company’s property except where that person has served fourteen days’ notice of his intention to take that step on the Secretary of State and on the Authority. (2) In this section “security” and “property” have the same meanings as in Parts I to VII of the Insolvency Act 1986.
26 Restrictions on voluntary winding up and insolvency proceedings.
(1) Where a company holds an appointment under Chapter I of this Part or is a qualifying water supply licensee or a qualifying sewerage licensee— (a) the company shall not be wound up voluntarily; (b) an administrator may not be appointed in relation to the company, whether by court order or otherwise, under Schedule B1 to the Insolvency Act 1986; (ba) any step taken by any person for the purported purpose of appointing an administrator of the company under Schedule B1 to the Insolvency Act 1986 has no legal effect; (c) no step shall be taken by any person to enforce any security over the company’s property except where that person has served fourteen days’ notice of his intention to take that step on the Secretary of State and on the Authority. (2) In this section “security” and “property” have the same meanings as in Parts I to VII of the Insolvency Act 1986.
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