SCHEDULES

SCHEDULE 10Conduct of postal administration

Part 1Modifications of Schedule B1 to 1986 Act

Specific modifications

I131

Paragraph 111 (interpretation) is to have effect as if—

a

in sub-paragraph (1), the definitions of “correspondence”, “holder of a qualifying floating charge”, “market value”, “the purpose of administration” and “unable to pay its debts” were omitted,

b

in that sub-paragraph, after the definition of “administrator” (as modified as a result of paragraph 2 above) there were inserted—

“appropriate value” means the best price which would be reasonably available on a sale which is consistent with the achievement of the objective of the postal administration,

c

in that sub-paragraph, before the definition of “creditors' meeting” there were inserted—

“company” and “court” have the same meaning as in Part 4 of the Postal Services Act 2011,

d

in that sub-paragraph, after the definition of “hire purchase agreement” there were inserted—

“objective”, in relation to a postal administration, is to be read in accordance with section 69 of the Postal Services Act 2011,

“OFCOM” means the Office of Communications,

“postal administration application” means an application to the court for a postal administration order under Part 4 of the Postal Services Act 2011,

“postal administration order” has the same meaning as in Part 4 of the Postal Services Act 2011,

“prescribed” means prescribed by postal administration rules within the meaning of Part 4 of the Postal Services Act 2011.

e

sub-paragraphs (1A) and (1B) were omitted, and

f

after sub-paragraph (3) there were inserted—

4

For the purposes of this Schedule a reference to a postal administration order includes a reference to an appointment under paragraph 91 or 103.