The Water Industry (Special Administration) Regulations 2024

Vacation of office: charges and liabilities

35.  Paragraph 99(1) has effect as if—

(a) in sub-paragraph (4), for the words from “A sum payable” to “before cessation” there were substituted “A sum falling within sub-paragraph (4A)”;

(b) after sub-paragraph (4) there were inserted—

“(4A) A sum falls within this paragraph if it is—

(a) a sum payable in respect of a debt or liability arising out of a contract that was entered into before cessation by the former special administrator or a predecessor,

(b) a sum that must be repaid by the company in respect of a grant that was made before cessation under section 153 of the 1991 Act as is mentioned in subsection (3) of that section,

(c) a sum—

(i) that must be repaid by the company in respect of a loan made before cessation under that section, or

(ii) that must be paid by the company in respect of interest payable on such a loan,

(d) a sum payable in respect of an indemnity given by the Secretary of State under section 153 of the 1991 Act, or

(e) a sum payable by the company under section 154(5) of the 1991 Act in respect of a guarantee given before cessation.”; and

(c) in sub-paragraph (5), for “Sub-paragraph (4)” there were substituted “Sub-paragraph (4A)(a)”.

(1)

Paragraph 99 was amended by the Deregulation Act 2015 (c. 20), section 19 and Schedule 6, paragraphs 24 and 27.