Member

Amendment 97, in the name of the noble Baroness, Lady Jones of Moulsecoomb, would prohibit the Secretary of State and the Treasury directly or indirectly discharging, assuming or guaranteeing any water company debts during a special administration regime. I emphasise that the exact quantity of debt recouped by creditors, or equity recouped by shareholders, following a special administration is a matter for the court-appointed special administrator. Within this, the special administrator will have to act in accordance with its duties, as well as with the Insolvency Act 1986 and the Insolvency (England and Wales) Rules 2016, both as modified for the purpose of special administration by the relevant legislation.