(1)An air traffic administration order made under section 27 or 28 is an order directing that in the period while the order is in force the company’s affairs, business and property are to be managed by a person appointed by the court—
(a)for the achievement of the following two purposes, and
(b)in a manner which protects the interests of the company’s members and creditors.
(2)The first purpose is—
(a)the transfer to another company, as a going concern, of so much of the licence company’s undertaking as it is necessary to transfer to ensure that its licensed activities may be properly carried out, or
(b)the transfer to different companies of different parts of the licence company’s undertaking, as going concerns, where the parts together constitute so much of its undertaking as is described in paragraph (a).
(3)The second purpose is the carrying on, pending the transfer, of the licence company’s licensed activities.
(4)A reference to a licence company’s licensed activities is to the activities which the licence concerned authorises the company to carry out.
(5)In subsection (1) “business” and “property” have the same meanings as in the 1986 Act.
(6)The reference in subsection (1) to the court is to the court making the order.
Commencement Information
I1S. 29 wholly in force at 1.2.2001, see s. 275(1)(2) and S.I. 2001/57, art. 3(1), Sch. 2 Pt. I (subject to the transitional provision and saving in Sch. 2 Pt. II)