26 Protection of licence companies etc.U.K.
(1)No licence company may be wound up voluntarily.
(2)No application may be made to a court for an administration order under Part II of the 1986 Act in relation to a licence company, and—
(a)anything purporting to be such an application is of no effect;
(b)no administration order may be made under that Part in relation to a licence company.
(3)No step may be taken by a person to enforce any security over the property of a licence company unless the person has given to the Secretary of State and the CAA at least 14 days’ notice of his intention to take the step.
(4)No application for the winding up of a licence company may be made by a person other than the Secretary of State unless the person has given to the Secretary of State and the CAA at least 14 days’ notice of his intention to make the application.
(5)In subsection (3) “security” and “property” have the same meanings as in Parts I to VII of the 1986 Act.
(6)In this section and sections 27 to 30—
(a)references to a licence company are to a company which holds a licence;
(b)references to the 1986 Act are to the M1Insolvency Act 1986.
Commencement Information
I1S. 26 wholly in force at 1.2.2001, see s. 275(1)(2) and S.I. 2001/57, art. 3(1), Sch. 2 Pt. I (subject to the transitional provision and saving in Sch. 2 Pt. II)
Marginal Citations