Steel Industry (Nationalisation) Act 2026
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Change 1
43 Suspension of termination rights
(1) The Secretary of State may suspend the termination right of any party to a qualifying contract. (2) For the purposes of this section, a contract is a “qualifying contract” if— (a) one of the parties to the contract is a steel undertaking in respect of which the Secretary of State is exercising a transfer power, and (b) all the obligations under the contract to make a payment or make delivery continue to be performed. (3) The power under subsection (1) must be exercised by way of provision in share transfer regulations or property transfer regulations. (4) A suspension imposed 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. (5) A person may exercise a termination right under a qualifying contract before the expiry of the suspension if that person is given notice by the Secretary of State that the rights and liabilities of the steel undertaking covered by the contract are not to be transferred to another undertaking through the exercise of a transfer power. (6) If— (a) no notice has been given by the Secretary of State under subsection (5), and (b) a termination right has been triggered otherwise than through the exercise of a transfer power or the imposition of a suspension under subsection (1) (or the occurrence of an event directly linked to the exercise of a transfer power), a person may, on the expiry of the suspension, exercise the termination right in accordance with the terms of the contract. (7) But, where the rights and liabilities of the steel undertaking under the qualifying contract have been transferred to another undertaking, subsection (6) applies only if the event giving rise to the termination right has been triggered by that other undertaking. (8) For the purposes of this section, “termination right” means— (a) a right to terminate a qualifying contract, (b) a right to accelerate obligations, or any similar provision that suspends, modifies or extinguishes an obligation of a party to the contract, or (c) a provision that prevents an obligation from arising under the contract.
43 Suspension of termination rights
(1) The Secretary of State may suspend the termination right of any party to a qualifying contract. (2) For the purposes of this section, a contract is a “qualifying contract” if— (a) one of the parties to the contract is a steel undertaking in respect of which the Secretary of State is exercising a transfer power, and (b) all the obligations under the contract to make a payment or make delivery continue to be performed. (3) The power under subsection (1) must be exercised by way of provision in share transfer regulations or property transfer regulations. (4) A suspension imposed 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. (5) A person may exercise a termination right under a qualifying contract before the expiry of the suspension if that person is given notice by the Secretary of State that the rights and liabilities of the steel undertaking covered by the contract are not to be transferred to another undertaking through the exercise of a transfer power. (6) If— (a) no notice has been given by the Secretary of State under subsection (5), and (b) a termination right has been triggered otherwise than through the exercise of a transfer power or the imposition of a suspension under subsection (1) (or the occurrence of an event directly linked to the exercise of a transfer power), a person may, on the expiry of the suspension, exercise the termination right in accordance with the terms of the contract. (7) But, where the rights and liabilities of the steel undertaking under the qualifying contract have been transferred to another undertaking, subsection (6) applies only if the event giving rise to the termination right has been triggered by that other undertaking. (8) For the purposes of this section, “termination right” means— (a) a right to terminate a qualifying contract, (b) a right to accelerate obligations, or any similar provision that suspends, modifies or extinguishes an obligation of a party to the contract, or (c) a provision that prevents an obligation from arising under the contract.
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