The Carbon Dioxide Transport and Storage (Licensed Operators) Administration (England and Wales) Rules 2025

21 T&S administrator’s proposals

(1) This rule applies to the statement the T&S administrator is required to make under paragraph 49 of Schedule B1 to the 1986 Act (“the statement of proposals”). (2) The statement of proposals must include (in addition to those matters set out in paragraph 49 of Schedule B1 to the 1986 Act) the following— (a) the full name, registered address, registered number and any other trading names of the T&S company; (b) details of the court where the proceedings are and the court reference number; (c) details relating to the T&S administrator’s appointment, including— (i) the date of appointment; (ii) whether the application was made by the Secretary of State or the Gas and Electricity Markets Authority; (iii) where there are joint T&S administrators, details of the matters set out in section 158(5) of the 2004 Act; (d) the names of the directors and secretary of the T&S company and details of any shareholdings in the T&S company they may have; (e) an account of the circumstances giving rise to the appointment of the T&S administrator; (f) if a statement of affairs has been submitted— (i) a copy or summary of it, except so far as an order under rule 18 limits disclosure of it, and excluding any schedule referred to in rule 15(5)(b), or the particulars relating to individual creditors contained in any such schedule; (ii) details of who provided the statement of affairs; (iii) any comments which the T&S administrator may have upon the statement of affairs; (g) if an order under rule 18 (limited disclosure) has been made— (i) a statement of that fact; (ii) the date of the order; (h) if no statement of affairs has been submitted— (i) details of the financial position of the T&S company at the latest practicable date (which must, unless the court orders otherwise, be a date not earlier than that on which the T&S company entered T&S administration); (ii) an explanation as to why there is no statement of affairs; (i) a full list of the company’s creditors in accordance with paragraph (3), if either— (i) no statement of affairs has been submitted, or (ii) a statement of affairs has been submitted but it does not include such a list, or the T&S administrator believes the list included is less than full; (j) except where the T&S administrator proposes a voluntary arrangement in relation to the T&S company and subject to paragraph (7)— (i) to the best of the T&S administrator’s knowledge and belief— (aa) an estimate of the value of the prescribed part (whether or not the T&S administrator proposes to make an application to court under section 176A(5) of the 1986 Act or section 176A(3) of the 1986 Act applies); (bb) an estimate of the value of the T&S company’s net property as defined in section 176A(6) of the 1986 Act; (ii) a statement whether the T&S administrator proposes to make an application to the court under section 176A(5) of the 1986 Act and if so the reason for the application; (k) a statement of any pre-T&S administration costs charged or incurred by the T&S administrator or, to the T&S administrator’s knowledge, by any other person qualified to act as an insolvency practitioner (see rule 22); (l) a statement of how it is envisaged the objective of the T&S administration will be achieved and how it is proposed that the T&S administration will end; (m) the manner in which the affairs and business of the T&S company— (i) have, since the date of the T&S administrator’s appointment, been managed and financed, including where any assets have been disposed of, the reasons for such disposals and the terms upon which such disposals were made; (ii) will continue to be managed and financed; (n) such other information (if any) as the T&S administrator thinks necessary. (3) Subject to paragraphs (4) and (5), the list of creditors required by paragraph (2)(i) must contain the following particulars— (a) the name and postal address of the creditor; (b) the amount of the debt owed to the creditor; (c) details of any security held by the creditor; (d) the date on which any such security was given; (e) the value of any such security. (4) This paragraph applies in respect of any creditor who is an employee or former employee of the T&S company (an “employee and former employee creditor”). (5) Where paragraph (4) applies, the list of creditors required by paragraph (2)(i) must— (a) state the number of employee and former employee creditors and the total amount of debts owed to them; (b) set out in a separate schedule the information required by paragraph (3)(a) to (e) in respect of each employee and former employee creditor. (6) Where paragraph (4) applies, the T&S administrator must not deliver the schedule referred to in paragraph (5)(b) to the registrar of companies with the statement of proposals. (7) The T&S administrator may exclude from an estimate under paragraph (2)(j) information the disclosure of which could seriously prejudice the commercial interests of the company, and, if such information is so excluded, the estimate must be accompanied by a statement to that effect. (8) Paragraph (9) applies where it is proposed that the T&S administration will end by the T&S company moving to a creditors’ voluntary liquidation. (9) Where this paragraph applies the statement required by paragraph (2)(l) must include the following— (a) details of the proposed liquidator; (b) where applicable, the declaration required by section 231 of the 1986 Act; (c) a statement that the creditors may nominate a different person as liquidator in accordance with paragraph 83(7)(a) of Schedule B1 to the 1986 Act and rule 89(4).