The British Steel Limited Property Transfer Regulations 2026
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Change 1
SCHEDULE The excluded property, rights and liabilities
Regulation 3(3) Liabilities, etc.: liabilities to group undertakings, etc. 1 Any liability of ACo to an undertaking which is a group undertaking in relation to ACo. 2 Any liability of ACo— (a) to any person which is not a group undertaking in relation to ACo, but (b) where the liability has at any previous time been a liability of ACo to an undertaking which was at that time a group undertaking in relation to ACo. 3 Any liability of ACo to any person under or in connection with— (a) any guarantee, indemnity or surety of, or assumption of joint liability for, a liability described in paragraph 1 or 2, or (b) an arrangement of a similar nature to those described in sub-paragraph (a). 4 Any right of ACo which relates to a liability described in any of paragraphs 1 to 3. 5 (1) In paragraphs 1 and 2 “group undertaking” has the meaning given by section 1161(5) of the Companies Act 2006. (2) For the purposes of determining whether a liability falls within paragraph 2, it does not matter if there has been any change to the liability between the transfer date and the previous time mentioned in paragraph 2 (whether those changes are changes in amount, changes to the contract governing the liability, changes to the parties or otherwise). Other liabilities, etc.: unsecured debts, etc. 6 Any liability of ACo to any person where the liability relates to moneys borrowed or committed under a contract for lending or other debt instrument. 7 Any liability of ACo to any person in relation to— (a) any guarantee, indemnity or surety of, or assumption of joint liability for, a liability described in paragraph 6, or (b) an arrangement of a similar nature to those described in sub-paragraph (a). 8 Any right of ACo which relates to a liability described in paragraph 6 or 7. 9 Paragraphs 6 to 8 do not apply to any liabilities of ACo which— (a) are secured by any mortgage, charge, pledge, lien or other security interest over the assets of ACo, or (b) are owed to the Secretary of State by virtue of the Steel Industry (Special Measures) Act 2025. Employee contracts, etc. 10 Rights and liabilities of ACo under or in connection with any contract of employment with any individual employed by ACo to whom regulation 4(1) of the Transfer of Undertakings (Protection of Employment) Regulations 2006 applies (as modified by regulation 3 of the Modification of the Law (British Steel Limited Property Transfer) Regulations 2026).
SCHEDULE The excluded property, rights and liabilities
Regulation 3(3) Liabilities, etc.: liabilities to group undertakings, etc. 1 Any liability of ACo to an undertaking which is a group undertaking in relation to ACo. 2 Any liability of ACo— (a) to any person which is not a group undertaking in relation to ACo, but (b) where the liability has at any previous time been a liability of ACo to an undertaking which was at that time a group undertaking in relation to ACo. 3 Any liability of ACo to any person under or in connection with— (a) any guarantee, indemnity or surety of, or assumption of joint liability for, a liability described in paragraph 1 or 2, or (b) an arrangement of a similar nature to those described in sub-paragraph (a). 4 Any right of ACo which relates to a liability described in any of paragraphs 1 to 3. 5 (1) In paragraphs 1 and 2 “group undertaking” has the meaning given by section 1161(5) of the Companies Act 2006. (2) For the purposes of determining whether a liability falls within paragraph 2, it does not matter if there has been any change to the liability between the transfer date and the previous time mentioned in paragraph 2 (whether those changes are changes in amount, changes to the contract governing the liability, changes to the parties or otherwise). Other liabilities, etc.: unsecured debts, etc. 6 Any liability of ACo to any person where the liability relates to moneys borrowed or committed under a contract for lending or other debt instrument. 7 Any liability of ACo to any person in relation to— (a) any guarantee, indemnity or surety of, or assumption of joint liability for, a liability described in paragraph 6, or (b) an arrangement of a similar nature to those described in sub-paragraph (a). 8 Any right of ACo which relates to a liability described in paragraph 6 or 7. 9 Paragraphs 6 to 8 do not apply to any liabilities of ACo which— (a) are secured by any mortgage, charge, pledge, lien or other security interest over the assets of ACo, or (b) are owed to the Secretary of State by virtue of the Steel Industry (Special Measures) Act 2025. Employee contracts, etc. 10 Rights and liabilities of ACo under or in connection with any contract of employment with any individual employed by ACo to whom regulation 4(1) of the Transfer of Undertakings (Protection of Employment) Regulations 2006 applies (as modified by regulation 3 of the Modification of the Law (British Steel Limited Property Transfer) Regulations 2026).
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