Postal Services Act 2011

Specific modifications

31 Paragraph 111 (interpretation) is to have effect as if—

(a) in sub-paragraph (1), the definitions of “correspondence”, “holder of a qualifying floating charge”, “market value”, “the purpose of administration” and “unable to pay its debts” were omitted,

(b) in that sub-paragraph, after the definition of “administrator” (as modified as a result of paragraph 2 above) there were inserted—

• ““appropriate value” means the best price which would be reasonably available on a sale which is consistent with the achievement of the objective of the postal administration,”,

(c) in that sub-paragraph, before the definition of “creditors’ meeting” there were inserted—

• ““company” and “court” have the same meaning as in Part 4 of the Postal Services Act 2011,”,

(d) in that sub-paragraph, after the definition of “hire purchase agreement” there were inserted—

• ““objective”, in relation to a postal administration, is to be read in accordance with section 69 of the Postal Services Act 2011,

• “OFCOM” means the Office of Communications,

• “postal administration application” means an application to the court for a postal administration order under Part 4 of the Postal Services Act 2011,

• “postal administration order” has the same meaning as in Part 4 of the Postal Services Act 2011,

• “prescribed” means prescribed by postal administration rules within the meaning of Part 4 of the Postal Services Act 2011.”,

(e) sub-paragraphs (1A) and (1B) were omitted, and

(f) after sub-paragraph (3) there were inserted—

“(4) For the purposes of this Schedule a reference to a postal administration order includes a reference to an appointment under paragraph 91 or 103.”