Part 3Energy Regulation
Chapter 3Special administration regime for energy licensees
Restrictions on other insolvency procedures
I1C1161Restrictions on voluntary winding up
1
A protected energy company has no power to pass a resolution for voluntary winding up without the permission of the court.
2
Such permission may be granted only on an application made by the company.
3
The court is not to grant permission on such an application unless—
a
notice of the application has been served both on the Secretary of State and on GEMA; and
b
a period of at least fourteen days has elapsed since the service of the last of those notices to be served.
4
If an application for an energy administration order in relation to the company is made to the court in accordance with section 156(1) after an application for permission under this section has been made and before it is granted, the court may exercise its powers under section 157, instead of granting permission.
5
In this section “a resolution for voluntary winding up” has the same meaning as in the 1986 Act.