Regulation 18 Revision of special administrator’s proposals

Paragraph 54^f1 has effect as if it were substituted with—

“54.

(1)

 The special administrator of a company may on one or more occasions revise the proposals included in the statement made under paragraph 49 in relation to the company.

(2)

If the special administrator thinks that a revision is substantial, they must send a copy of the revised proposals to—

(a)

the registrar of companies,

(b)

the relevant authority,

(c)

in the case of a qualifying water supply licensee whose licence gives it a supplementary authorisation, the Welsh Ministers,

(d)

the Water Services Regulation Authority,

(e)

every creditor of the company, other than an opted-out creditor, of whose claim and address the special administrator is aware, and

(f)

every member of the company of whose address the special administrator is aware.

(3)

A copy sent in accordance with sub-paragraph (2)—

(a)

must be sent within the prescribed period, and

(b)

must also, in the case of the copy under sub-paragraph (2)(f), be sent before the end of the period of five business days beginning with the day on which a copy is first sent to a creditor under sub-paragraph (2)(e).

(4)

The special administrator is to be taken to have complied with sub-paragraph (2)(f) if they publish, in the prescribed manner, a notice undertaking to provide a copy of the revised proposals free of charge to any member of the company who applies in writing to a specified address.

(5)

A special administrator who fails without reasonable excuse to comply with this paragraph commits an offence.”.