The Water Industry (Special Administration) Regulations 2024

Revision of special administrator’s proposals

18.  Paragraph 54(1) has effect as if it were substituted with—

“54.— (1)  The special administrator of a company may on one or more occasions revise the proposals included in the statement made under paragraph 49 in relation to the company.

(2) If the special administrator thinks that a revision is substantial, they must send a copy of the revised proposals to—

(a) the registrar of companies,

(b) the relevant authority,

(c) in the case of a qualifying water supply licensee whose licence gives it a supplementary authorisation, the Welsh Ministers,

(d) the Water Services Regulation Authority,

(e) every creditor of the company, other than an opted-out creditor, of whose claim and address the special administrator is aware, and

(f) every member of the company of whose address the special administrator is aware.

(3) A copy sent in accordance with sub-paragraph (2)—

(a) must be sent within the prescribed period, and

(b) must also, in the case of the copy under sub-paragraph (2)(f), be sent before the end of the period of five business days beginning with the day on which a copy is first sent to a creditor under sub-paragraph (2)(e).

(4) The special administrator is to be taken to have complied with sub-paragraph (2)(f) if they publish, in the prescribed manner, a notice undertaking to provide a copy of the revised proposals free of charge to any member of the company who applies in writing to a specified address.

(5) A special administrator who fails without reasonable excuse to comply with this paragraph commits an offence.”.

(1)

Paragraph 54 was amended by the Small Business, Enterprise and Employment Act 2015 (c. 26), section 126 and Schedule 9, Part 1, paragraphs 1, 10(1), (11) to (15) and (16)(a) and (b), and 13(a) and (b).