Part III Receivership

F1CHAPTER IV PROHIBITION OF APPOINTMENT OF ADMINISTRATIVE RECEIVER

72D Third exception: utilities

(1)

Section 72A does not prevent the appointment of an administrative receiver of a project company of a project which—

(a)

is a utility project, and

(b)

includes step-in rights.

(2)

In this section—

(a)

“utility project” means a project designed wholly or mainly for the purpose of a regulated business,

(b)

“regulated business” means a business of a kind listed in paragraph 10 of Schedule 2A,

(c)

“step-in rights” has the meaning given by paragraph 6 of that Schedule, and

(d)

“project company” has the meaning given by paragraph 7 of that Schedule.