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The European Public Limited-Liability Company Regulations 2004
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- UK Statutory Instruments
- 2004 No. 2326
- PART 5
- Regulation 73
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Changes over time for: Section 73
Version Superseded: 31/12/2020
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- 08/10/2004- Amendment
- 01/10/2009- Amendment
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Power of Secretary of State where an SE no longer complies with the requirements of Article 7E+W+S
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73.—(1) If it appears that an SE no longer complies with the requirements laid down in Article 7, the Secretary of State may direct the SE to regularise its position in accordance with Article 64(1)(a) or (b) within such period as may be specified in the direction.
(2) A direction under paragraph (1) is enforceable by the Secretary of State—
(a)in the case of an SE whose registered office is in England and Wales, by an application to the High Court [F1in England and Wales] for an injunction; F2...
(b)in the case of an SE whose registered office is in Scotland, by an application to the Court of Session for an order under section 45 of the Court of Session Act 1988 M1.
[F3(c)in the case of an SE whose registered office is in Northern Ireland, by an application to the High Court in Northern Ireland for an injunction.]
(3) After section 124A of the Insolvency Act 1986 insert—
“124B Petition for winding up of SE
(“(1)) Where—
(a)an SE whose registered office is in Great Britain is not in compliance with Article 7 of Council Regulation (EC) No 2157/2001 on the Statute for a European company (the “EC Regulation”) (location of head office and registered office), and
(b)it appears to the Secretary of State that the SE should be wound up, he may present a petition for it to be wound up if the court thinks it is just and equitable for it to be so.
(2) This section does not apply if the SE is already being wound up by the court.
(3) In this section “SE” has the same meaning as in the EC Regulation.”
(4) The Insolvency Act 1986 is consequentially amended as follows—
(a)in section 124 (application for winding up), in subsection (4)(b) after “124A” insert “ or 124B ”;
(b)in Schedule A1 (moratorium where directors propose voluntary arrangement), in paragraph 12(5)(a), after “124A” insert “ or 124B ”;
(c)in Schedule B1 (administration), in paragraphs 40(2)(a), 42(4)(a) and 82(1)(a) after “124A (public interest),” insert
“(aa)section 124B (SEs),”.
Textual Amendments
F1Words in reg. 73(2)(a) inserted (1.10.2009) by The European Public Limited-Liability Company (Amendment) Regulations 2009 (S.I. 2009/2400), regs. 1(2), 24(a) (with reg. 2)
F2Word in reg. 73(2)(a) omitted (1.10.2009) by virtue of The European Public Limited-Liability Company (Amendment) Regulations 2009 (S.I. 2009/2400), regs. 1(2), 24(b) (with reg. 2)
F3Reg. 73(2)(c) inserted (1.10.2009) by The European Public Limited-Liability Company (Amendment) Regulations 2009 (S.I. 2009/2400), regs. 1(2), 24(c) (with reg. 2)
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