Part IV Transport
Chapter VII Public-Private Partnership Agreements
Insolvency
I1223 Restrictions on voluntary winding-up etc.
1
No resolution for voluntary winding up shall be passed by a PPP company without leave of the court granted on an application made for the purpose by the company.
2
No such leave shall be granted unless—
a
notice of the application has been served on the Mayor; and
b
a period of at least fourteen days has elapsed since the service of that notice.
3
Where an application for leave under subsection (1) above has been made by a PPP company, the Mayor may, at any time before leave has been granted under subsection (1) above, make an application to the court for a PPP 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 221(1) above, make a PPP administration order instead of granting leave under subsection (1) above.
4
Where, on an application for leave under subsection (1) above, the court makes, or proposes to make, a PPP 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.
5
No administration order under Part II of the M2Insolvency Act 1986 shall be made in relation to a PPP company unless—
a
notice of the application for the order has been served on the Mayor; and
b
a period of at least fourteen days has elapsed since the service of that notice.
6
Where an application for an administration order under Part II of the M3Insolvency Act 1986 has been made in the case of a PPP company, the Mayor may, at any time before such an order has been made on that application, make an application to the court for a PPP 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 221(1) above, make a PPP administration order instead of an administration order under Part II of the M4I solvency Act 1986.
7
No step shall be taken by any person to enforce any security over a PPP company’s property, except where that person has served fourteen days’ notice of his intention to take that step on the Mayor.