Finance Act 2022

Meaning of “public interest business” and “special measures”

2 (1) For the purposes of this Schedule, a business is a “public interest business” if it is—

(a) an energy supply business, or

(b) a business of a description specified in regulations made by the Treasury.

(2) Regulations may only specify a description of business if a special administration regime exists for persons carrying on businesses of that description.

(3) For the purposes of this Schedule a business is subject to special measures if—

(a) the person carrying on the business enters special administration,

(b) it is subject to arrangements, imposed in connection with the insolvency of the person carrying it on by or under an enactment (including by virtue of any licence required by or under an enactment), for the transfer of customers of the business to another business, or

(c) such other circumstances relating to insolvency as may be specified in regulations made by the Treasury exist in relation to the business or the person carrying it on.

(4) In this paragraph—

• “energy supply business” means the business of making supplies required to be authorised under—

  (a)

  a licence granted under section 7A(1) of the Gas Act 1986 (gas supply licences), or

  (b)

  a licence granted under section 6(1)(d) of the Electricity Act 1989 (electricity supply licences);

• “special administration” means an insolvency procedure—

  (a)

  that is similar or corresponds to ordinary administration, and

  (b)

  under which the administrator has one or more special objectives instead of or in addition to the objectives of ordinary administration;

• “special administration regime” means provision made by an enactment that provides for special administration;

• “ordinary administration” means the insolvency procedure provided for by—

  (a)

  Schedule B1 to the Insolvency Act 1986, or

  (b)

  Schedule B1 to the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)).