33. Special administration order

Amended

Last amended by an amending law of 2021. 3 amendments in all.

(1)

A special administration order is an order of the Minister made under section 34(1) in relation to a gas licensee directing that, during the period for which the order is in force, all or any of the affairs, business and property of that gas licensee is to be managed directly or indirectly by the Authority —

(a)

for securing one or more of the purposes of such an order set out in subsection (2); and

(b)

in a manner which protects the respective interests of the shareholders and creditors of that gas licensee.

(2)

The purposes referred to in subsection (1)(a) are —

(a)

the security or reliability of the supply of gas to the public;

(b)

the survival of the gas licensee, or the whole or part of its business or undertaking for which it is authorised by its licence to carry on, as a going concern;

(c)

the transfer to another company, or (with respect to different parts of the area to which the gas licensee’s licence relates, or different parts of its business or undertaking) to 2 or more different companies, as a going concern, of such of the gas licensee’s undertakings as is necessary to transfer in order to ensure that the functions and duties which have been vested in the gas licensee by virtue of its licence may be properly carried out; or

(d)

the carrying out of the functions and duties which have been vested in the gas licensee pending the making of the transfer and the vesting of those functions and duties in the other company or companies.

(3)

The Minister may make regulations for giving effect to this section and section 34, including regulations governing the transfer of the gas licensee’s business or undertaking referred to in subsection (2)(c), and making provision for applying, omitting or modifying provisions of Parts 7 and 9 of the Insolvency, Restructuring and Dissolution Act 2018 where a special administration order is made.