- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
36.—(1) Where a creditor has an obligant (in this Rule referred to as the “co-obligant”) bound to him along with the protected energy company for the whole or part of the debt, the co-obligant shall not be freed or discharged from his liability for the debt by reason of the dissolution of the protected energy company or by virtue of the creditor’s voting or drawing a dividend.
(2) Where–
(a)a creditor has had a claim accepted in whole or in part; and
(b)a co-obligant holds a security over any part of the assets of the protected energy company,
the co-obligant shall account to the energy administrator so as to put the protected energy company in the same position as if the co-obligant had paid the debt to the creditor and thereafter had had his claim accepted in whole or in part in the energy administration after deduction of the value of the security.
(3) Without prejudice to any right under any rule of law of a co-obligant who has paid the debt, the co-obligant may require and obtain at his own expense from the creditor an assignation of the debt on payment of the amount thereof, and thereafter may in respect of that debt submit a claim, and vote and draw a dividend, if otherwise legally entitled to do so.
(4) In this Rule a “co-obligant” includes a cautioner.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: