Steel Industry (Nationalisation) Act 2026
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Change 1
42 Restriction of security interests
(1) Where the Secretary of State is exercising a transfer power in respect of a steel undertaking, the Secretary of State may suspend the rights of a secured creditor of the steel undertaking to enforce any security interest the creditor has in relation to any assets of the steel undertaking. (2) A suspension under subsection (1)— (a) begins immediately after the regulations providing for the suspension are laid before Parliament, and (b) must end no later than midnight at the end of the 7th business day following the day on which the regulations are laid before Parliament. (3) The power under subsection (1) must be exercised by way of provision in share transfer regulations or property transfer regulations. (4) For the purposes of this section, “security interest” means an interest or right held for the purpose of securing the payment of money or the performance of any other obligation.
42 Restriction of security interests
(1) Where the Secretary of State is exercising a transfer power in respect of a steel undertaking, the Secretary of State may suspend the rights of a secured creditor of the steel undertaking to enforce any security interest the creditor has in relation to any assets of the steel undertaking. (2) A suspension under subsection (1)— (a) begins immediately after the regulations providing for the suspension are laid before Parliament, and (b) must end no later than midnight at the end of the 7th business day following the day on which the regulations are laid before Parliament. (3) The power under subsection (1) must be exercised by way of provision in share transfer regulations or property transfer regulations. (4) For the purposes of this section, “security interest” means an interest or right held for the purpose of securing the payment of money or the performance of any other obligation.
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