PART 4The Insolvency Act 1986 – specific modifications

CHAPTER 1Schedule B1 – specific modifications

Interpretation40

Paragraph 11120 has effect as if—

a

in sub-paragraph (1)—

i

for “In this Schedule” there were substituted “In this Act”;

ii

the following definitions were omitted—

aa

“administrator”;

bb

“holder of a qualifying floating charge”;

cc

“market value”;

dd

“the purpose of administration”; and

ee

“unable to pay its debts”; and

iii

at the appropriate places, the following definitions were inserted—

  • “the 1991 Act” means the Water Industry Act 1991,

  • “appropriate value” means the best price that could be reasonably available on a sale which is consistent with the achievement of the purposes of the special administration,

  • “company in special administration” means a company in respect of which a special administration order has effect,

  • “purposes of special administration” is to be construed in accordance with section 23(2) to (2B) of the 1991 Act,

  • “qualifying water supply licensee” is to be construed in accordance with section 23(6) of the 1991 Act,

  • “relevant authority” means—

    1. a

      in the case of a special administration order that relates to a company appointed under section 6(1) of the 1991 Act to be the water or sewerage undertaker for an area that is wholly or mainly in Wales, the Welsh Ministers21, and

    2. b

      in any other case, the Secretary of State,

  • “special administration order” means an order of the kind described in section 23(1) of the 1991 Act,

  • “special administrator” has the meaning given by paragraph 1,

  • “supplementary authorisation” has the meaning given in paragraph 8 of Schedule 2A to the 1991 Act,

  • “water industry company” means a company of a kind mentioned in section 23(1) of the Water Industry Act 1991.

b

in sub-paragraph (1A), paragraphs (b) and (c) were omitted; and

c

sub-paragraph (1B) were omitted.