Section 62 Restrictions on voluntary winding up and insolvency proceedings in the case of protected railway companies.C1

No resolution for voluntary winding up shall be passed by a protected railway company without leave of the court granted on an application made for the purpose by the company.

No such leave shall be granted unless—

Where an application for leave under subsection (1) above has been made by a protected railway company—

may, at any time before leave has been granted under subsection (1) above, make an application to the court for a railway administration order in relation to that company; and where such an application is made the court may, if it is satisfied as mentioned in section 60(1) above, make a railway administration order instead of granting leave under subsection (1) above.

Where, on an application for leave under subsection (1) above, the court makes, or proposes to make, a railway administration order by virtue of subsection (3) above, subsections (4) and (5) of section 9 of the M1Insolvency Act 1986 (powers on application for administration order) shall apply on the hearing of that application as they apply on the hearing of a petition for an administration order.

No administration order under Part II of the M2Insolvency Act 1986 shall be made in relation to a protected railway company unless—

Where an application for an administration order under Part II of the M3Insolvency Act 1986 has been made in the case of a protected railway company—

may, at any time before such an order has been made on that application, make an application to the court for a railway administration order in relation to that company; and where such an application is made the court may, if it is satisfied as mentioned in section 60(1) above, make a railway administration order instead of an administration order under Part II of the M4Insolvency Act 1986.

No step shall be taken by any person to enforce any security over a protected railway company’s property, except where that person has served fourteen days’ notice of his intention to take that step on—

In this section—

• “the court” has the same meaning as in section 59 above;

• “resolution for voluntary winding up” has the same meaning as in the M5Insolvency Act 1986;

• “security” and “property” have the same meaning as in the M6Insolvency Act 1986.