Part 3Energy Regulation
C7C10Chapter 3Special administration regime for energy licensees
Pt. 3 Ch. 3 power to apply and modify conferred (26.12.2023) by Energy Act 2023 (c. 52), ss. 48, 334(3)(a)
Restrictions on other insolvency procedures
I1C1C2C3C4C5C6C7C8C10C9161C7C10Restrictions on voluntary winding up
1
A protected energy company has no power to pass a resolution for voluntary winding up without the permission of the court.
2
Such permission may be granted only on an application made by the company.
3
The court is not to grant permission on such an application unless—
a
notice of the application has been served both on the Secretary of State and on GEMA; and
b
a period of at least fourteen days has elapsed since the service of the last of those notices to be served.
4
If an application for an energy administration order in relation to the company is made to the court in accordance with section 156(1) after an application for permission under this section has been made and before it is granted, the court may exercise its powers under section 157, instead of granting permission.
5
In this section “a resolution for voluntary winding up” has the same meaning as in the 1986 Act.
Pt. 3 Ch. 3: power to modify conferred (31.3.2022 for specified purposes, 1.6.2022 in so far as not already in force) by Nuclear Energy (Financing) Act 2022 (c. 15), ss. 38, 44(1)(c)(2)(c)