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57. (1) Within 14 days of the end of every period of 6 months beginning with the date of a special administrator’s appointment, the special administrator must send each creditor of the water company concerned a report on the progress of the administration.
(2) On vacating office, the special administrator must send each creditor a report on the administration up to that time.
(3) Paragraph (2) does not apply if—
(a)the water company goes into liquidation immediately after the special administration ends; or
(b)the special administrator is removed from office by the court or ceases to be qualified as an insolvency practitioner.
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 accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
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