Modifications etc. (not altering text)
C1Sch. 14 modified (10.7.2003) by Railways and Transport Safety Act 2003 (c. 20), s. 114(5)(d)
10(1)Section 27 of the 1986 Act (protection of interests of creditors and members), as applied by this Part of this Schedule, shall have effect as follows.U.K.
(2)After subsection (1) there shall be inserted the following subsections—
“(1A)At any time when a PPP administration order is in force the Mayor of London may apply to the High Court by petition for an order under this section on the ground specified in subsection (1B).
(1B)The ground mentioned in subsection (1A) is that the special PPP administrator has exercised or is exercising, or proposing to exercise, his powers in relation to the company in a manner which will not best ensure the achievement of the purposes of the order.
(1C)Where an application is made under subsection (1) in respect of a company in relation to which a PPP administration order is in force—
(a)notice of the application shall be given to the Mayor of London; and
(b)he shall be entitled to be heard by the court in connection with that application.”
(3)Subsection (3) (order not to prejudice or prevent voluntary arrangements or administrator’s proposals) shall be omitted.
(4)In subsection (4) (provision that may be made in an order), the words “Subject as above” shall be omitted and for paragraph (d) there shall be substituted—
“(d)without prejudice to the powers exercisable by the court in making a PPP administration order—
(i)provide that the PPP administration order is to be discharged as from such date as may be specified in the order unless, before that date, such measures are taken as the court thinks fit for the purpose of protecting the interests of creditors; and
(ii)make such consequential provision as the court thinks fit.”
(5)For subsection (6) there shall be substituted—
“(6)Where a PPP administration order is discharged in consequence of such provision in an order under this section as is mentioned in subsection (4)(d)(i), the special PPP administrator shall, within 14 days after the date on which the discharge takes effect, send [F1a copy] of the order under this section—
(a)to the Mayor of London; and
[F2(b)where the company—
(i)is registered under the Companies Act 2006, or
(ii)is subject to a requirement imposed by regulations under section 1043 or 1046 of the Companies Act 2006 (unregistered UK companies or overseas companies) to deliver any documents to the registrar of companies,
to the registrar of companies.]
and if, without reasonable excuse, the special PPP administrator fails to comply with this subsection, he is liable to a fine and, for continued contravention, to a daily default fine.”
Textual Amendments
F1Words in Sch. 14 para. 10(5) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 178(8)(e)(i) (with art. 10)
F2Words in Sch. 14 para. 10(5) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 178(8)(e)(ii) (with art. 10)
Commencement Information
I1Sch. 14 para. 10 in force at 15.7.2003 by S.I. 2003/1920, art. 2(b)