PART 6Special administration for operators of certain infrastructure systems
F1Powers to participate in Part 26A proceedings
124APowers of Bank to participate in Part 26A proceedings
1
This section applies where Part 26A of the Companies Act 2006 (“the 2006 Act”) (arrangements and reconstructions: companies in financial difficulty) applies in relation to an infrastructure company.
2
A relevant applicant must give notice to the Bank of England of—
a
any application which the relevant applicant intends to make under section 901C(1) of the 2006 Act, and
b
any application which the relevant applicant believes a creditor or member of the company has made, or intends to make, under section 901C(1) of that Act in relation to the company.
3
A relevant applicant may not make an application under section 901C(1) of the 2006 Act in relation to the company without the consent of the Bank of England.
4
In this section “relevant applicant”, in relation to a company, means—
a
the company;
b
if the company is being wound up, the liquidator;
c
if the company is in administration, the administrator.
5
The Bank of England is entitled to be heard at any hearing of an application made under section 901C or 901F of the 2006 Act in relation to the company.
6
Any notice or other document required to be sent to a creditor of the company must also be sent to the Bank of England.
7
A person appointed for the purpose by the Bank of England is entitled—
a
to attend any meeting of creditors of the company summoned under section 901C of the 2006 Act;
b
to make representations as to any matter for decision at such a meeting.
8
Sections 197, 198 and 202A of the Banking Act 2009, and sections 201 and 202 of that Act, so far as relating to those sections, apply in relation to a failure by an infrastructure company to comply with subsection (2) or (3) above as they apply in relation to a compliance failure within the meaning of Part 5 of that Act.
S. 124A and cross-heading inserted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 9 para. 49(3) (with ss. 2(2), 5(2))