Part 2Sustainability and Renewable Energy Sources
Chapter 3Decommissioning of offshore installations
Implementation of decommissioning programmes
110AF1Protection of funds held for purposes of decommissioning
1
This section applies where any security in relation to the carrying out of an approved decommissioning programme, or for compliance with the conditions of its approval, has been provided by a person (“the security provider”) by way of a trust or other arrangements.
2
In this section a reference to “the protected assets” is a reference to the security and any property or rights in which it consists.
3
The manner in which, and purposes for which, the protected assets are to be applied and enforceable (whether in the event of the security provider's insolvency or otherwise) is to be determined in accordance with the trust or other arrangements.
4
For the purposes of subsection (3), no regard is to be had to so much of the Insolvency Act 1986, the Insolvency (Northern Ireland) Order 1989 or any other enactment or rule of law as, in its operation in relation to the security provider or any conduct of the security provider, would—
a
prevent or restrict the protected assets from being applied in accordance with the trust or other arrangement, or
b
prevent or restrict their enforcement for the purposes of being so applied.
5
In subsection (4) “enactment” includes an instrument made under an enactment.