Examples of Special Administration Order in a sentence
The enforcement of security over the shares in any company in the Anglian Water Services Financing Group, (other than the Issuer) including those granted by any Holding Company of Anglian Water, would not be subject to the moratorium on the enforcement of security rights imposed upon Secured Creditors under the WIA if a Special Administrator is appointed, nor would the enforcement of those share charges be an event which would itself result in the making of a Special Administration Order.
The Contract shall continue in full force and effect despite the making, or threat of making, of a Special Administration Order under the Water Industry Act 1991.
The Licence may also be transferred from Anglian Water at any time following the making of a Special Administration Order, but such an order can only be made on very specific statutory grounds.
The Licence may also be transferred from Anglian Water at any time following the making of a Special Administration Order.
However, if satisfied that it would be appropriate to make such an order if the Regulated Company were not a company holding a licence, the Court shall instead make a Special Administration Order.
Whilst a Special Administration Order is in force, those restrictions imposed during the Special Administration Petition Period continue with some modification: an administrative receiver can no longer be appointed (with or without the leave of the Court) and, in the case of certain actions which require the Court’s leave, the consent of the Special Administrator is acceptable in its place.
Save with the express consent of Ofwat, TWUL is not permitted to transfer certain rights or assets (being those which a Special Administrator would require if a Special Administration Order were made in order to operate the Appointed Business) to an associated company.
See Section 11.5, ‘‘ Regulation of the Water and Sewerage Industry in England and Wales – Special Administration Orders’’.During the period of a Special Administration Order, AWS would have to be managed by the Special Administrator for the purposes of the order and in a manner which protects the interests of members, customers and creditors.
The duties and functions of a Special Administrator differ in certain important respects to those of an administrator of a company which is not a Regulated Company under English insolvency legislation.During the period of the Special Administration Order, SWS has to be managed by the Special Administrator for the purposes of the order and in a manner which protects the interests of shareholders and creditors.
Under Condition K of its Licence, AWS must ensure at all times, so far as reasonably practicable, that if a Special Administration Order was made in respect of it, AWS would have available to it sufficient rights and assets (other than financial resources) to enable the Special Administrator to manage its affairs, business and property so that the purposes of such order could be achieved.