The Water Industry (Special Administration) (England and Wales) Rules 2024

Administrator’s proposals: revision (rule 3.42)

46.  Rule 3.42 has effect as if for that rule there were substituted—

“Special administrator’s proposals: revision

3.42.— (1) Where paragraph 54(1) of Schedule B1 applies, the special administrator’s revised proposals must identify the proceedings and include—

(a) any other trading names of the company;

(b) details of the special administrator’s appointment, including—

(i) the date of the appointment, and

(ii) the person who made the application for the appointment;

(c) details of the directors and secretary and details of any shareholdings in the company which they may have;

(d) a summary of the original proposals and the reason or reasons for the revised proposals;

(e) details of the revised proposals, including details of the special administrator’s assessment of the likely impact of the revised proposals upon creditors generally or upon each class of creditor;

(f) where the revised proposals relate to the ending of the special administration by a creditors’ voluntary winding up and the nomination of a person to be the liquidator of the company—

(i) details of the proposed liquidator,

(ii) where applicable, the declaration required by section 231 of the Act, and

(iii) a statement that the creditors may nominate a different person as liquidator in accordance with paragraph 83(7)(a) of Schedule B1 and rule 3.60(6)(a)(ii); and

(g) any other information that the special administrator thinks necessary.

(2) In accordance with paragraph 54(2) of Schedule B1, the special administrator must send a copy of the revised proposals to the persons set out in that paragraph within 14 days of the date of the special administrator’s revision of those proposals.

(3) A notice under paragraph 54(4) of Schedule B1 must—

(a) be advertised in such manner as the special administrator thinks fit as soon as reasonably practicable after the special administrator has sent the revised proposals to the creditors; and

(b) state that members may request in writing a copy of the revised proposals, and state the address to which to write.

(4) As soon as reasonably practicable after sending the copy of the revised proposals, the special administrator must deliver a copy to the registrar of companies accompanied by a notice which must contain—

(a) identification details for the proceedings; and

(b) the date of the revised proposals.”.