Rule 25 Revision of the T&S administrator’s proposals

(1)

Where paragraph 54(2) of Schedule B1 to the 1986 Act^f1 applies, the T&S administrator must, as soon as reasonably practicable—

(a)

make a statement setting out the revisions to the T&S administrator’s proposals;

(b)

send the statement to all those to whom the T&S administrator is required to send a copy of the revised proposals (see paragraph 54(2)(b) and (c)).

(2)

The statement of revised proposals must—

(a)

be headed “Statement of T&S administrator’s revised proposals”;

(b)

include immediately below the heading—

(i)

the full name, registered address, registered number and any other trading names of the T&S company;

(ii)

details of the court where the proceedings are and the court reference number.

(3)

The statement of revised proposals must include the following—

(a)

details relating to the T&S administrator’s appointment, including the date of appointment and whether the T&S administration application was made by the Secretary of State or the Gas and Electricity Markets Authority;

(b)

the names of the directors and secretary of the T&S company and details of any shareholdings in the T&S company they may have;

(c)

a summary of the original proposals and the reasons for the revision;

(d)

details of the revision including details of the T&S administrator’s assessment of the likely impact of the revision upon creditors generally or upon each class of creditors;

(e)

where the revision relates to the ending of the T&S administration by a creditors’ voluntary liquidation and the nomination of a person to be the proposed liquidator of the T&S company—

(i)

details of the proposed liquidator;

(ii)

where applicable, the declaration required by section 231 of the 1986 Act;

(iii)

a statement that the creditors may nominate a different person as liquidator in accordance with paragraph 83(7)(a) of Schedule B1 to the 1986 Act and rule 89(4);

(f)

any other information that the T&S administrator thinks necessary.

(4)

The period within which, subject to paragraph 54(3) of Schedule B1 to the 1986 Act, the administrator must send a copy of the statement to every member of the company of whose address the administrator is aware is five business days after sending the statement of the proposed revision to the creditors.

(5)

A notice under paragraph 54(4) of Schedule B1 to the 1986 Act must—

(a)

be advertised in such manner as the T&S administrator thinks fit as soon as reasonably practicable after the T&S administrator has sent the statement to the creditors;

(b)

state—

(i)

that members may request in writing a copy of the statement of revised proposals;

(ii)

the address to which to write.

Annotations

Footnotes

f1: Schedule B1 was inserted by the Enterprise Act 2002 (c. 40), Schedule 16 and paragraph 54 was amended by the Small Business, Enterprise and Employment Act 2015, Schedule 9, paragraph 10.