The Insolvency Act 1986 (Amendment) (Administrative Receivership and Urban Regeneration etc.) Order 2003

Explanatory Note

(This note is not part of the Order)

This Order inserts into the Insolvency Act 1986 new exceptions to the prohibition contained in section 72A against appointing an administrative receiver in respect of a company. A new exception is created in relation to companies engaged in urban regeneration projects. (See new section 72DA inserted by Article 2). A further exception (in new section 72GA as inserted by Article 2) is created to permit the appointment of an administrative receiver in relation to companies holding appointments under Chapter I of Part II of the Water Industry Act 1991, protected railway companies within section 59 of the Railways Act 1993 (as extended by the Channel Tunnel Rail Link Act 1996) and a licence company within the meaning of section 26 of the Transport Act 2000.

A regulatory impact assessment identifying the costs of the insolvency provisions of the Enterprise Act 2002 to business and the exchequer was published at the time the Act received Royal Assent in November 2002. It is available from www.dti.gov.uk/enterpriseact/rias.htm. The assessment deals with the areas covered by this Order.