2

But the power to sell, hire out or otherwise dispose of property is subject to any regulations that may be made under paragraph 60A.

60A

1

The Secretary of State may by regulations make provision for—

a

prohibiting, or

b

imposing requirements or conditions in relation to,

the disposal, hiring out or sale of property of a company by the administrator to a connected person in circumstances specified in the regulations.

2

Regulations under this paragraph may in particular require the approval of, or provide for the imposition of requirements or conditions by—

a

creditors of the company,

b

the court, or

c

a person of a description specified in the regulations.

3

In sub-paragraph (1), “connected person”, in relation to a company, means—

a

a relevant person in relation to the company, or

b

a company connected with the company.

4

For the purposes of sub-paragraph (3)—

a

“relevant person”, in relation to a company, means—

i

a director or other officer, or shadow director, of the company;

ii

a non-employee associate of such a person;

iii

a non-employee associate of the company;

b

a company is connected with another if any relevant person of one is or has been a relevant person of the other.

5

In sub-paragraph (4), “non-employee associate” of a person means a person who is an associate of that person otherwise than by virtue of employing or being employed by that person.

6

Subsection (10) of section 435 (extended definition of company) applies for the purposes of sub-paragraphs (3) to (5) as it applies for the purposes of that section.

7

Regulations under this paragraph may—

a

make different provision for different purposes;

b

make incidental, consequential, supplemental and transitional provision.

8

Regulations under this paragraph are to be made by statutory instrument.

9

Regulations under this paragraph may not be made unless a draft of the statutory instrument containing the regulations has been laid before Parliament and approved by a resolution of each House of Parliament.

10

This paragraph expires at the end of the period of 5 years beginning with the day on which it comes into force unless the power conferred by it is exercised during that period.