Part II APPOINTMENTMENT AND REGULATION OF UNDERTAKERS
CHAPTER II ENFORCEMENT OF INSOLVENCY
Restrictions on voluntary winding up and insolvency proceedings
C126 Restrictions on voluntary winding up and insolvency proceedings.
1
Where a company holds an appointment under Chapter I of this Part or is a F2F1 qualifying licensed water supplierF2qualifying water supply licensee or a qualifying sewerage licensee —
a
the company shall not be wound up voluntarily;
b
no administration order shall be made in relation to the company under Part II of the M1Insolvency Act 1986; and
c
no step shall be taken by any person to enforce any security over the company’s property except where that person has served fourteen days’ notice of his intention to take that step on the Secretary of State and on the Director.
2
In this section “security” and “property” have the same meanings as in Parts I to VII of the M2Insolvency Act 1986.