sch.4-sec.116Direction given following notice of suspected insolvency

### sch.4-sec.116 Direction given following notice of suspected insolvency This section applies if— the shareholding Ministers of a shareholding GOC of a prescribed GOC subsidiary give the GOC’s board a notification under section 114 (as it applies to GOCs) or a direction under section 115 (as it applies to GOCs); and the GOC gives written notice to the shareholding Ministers and the Auditor-General of— its suspicion that the subsidiary will or may become insolvent; and the reasons for its opinion that the cause or a substantial cause of the suspected insolvency would be compliance with the notification or direction; and the shareholding Ministers give the GOC’s board written directions under section 116 (4) (as it applies to GOCs). The GOC must notify the subsidiary of the written directions mentioned in subsection (1) (c) . (omitted) (omitted) (omitted) (omitted) The subsidiary’s board must ensure that a direction under this section is complied with in relation to the subsidiary . (omitted) (omitted) sch 4 pt 2 ch 3 pt 10 s 116 ins 1998 No. 21 s 3 sch 1 amd 2007 No. 10 s 62 sch ; 2009 No. 9 s 122 (sch.4-sec.116-ssec.1) This section applies if— the shareholding Ministers of a shareholding GOC of a prescribed GOC subsidiary give the GOC’s board a notification under section 114 (as it applies to GOCs) or a direction under section 115 (as it applies to GOCs); and the GOC gives written notice to the shareholding Ministers and the Auditor-General of— its suspicion that the subsidiary will or may become insolvent; and the reasons for its opinion that the cause or a substantial cause of the suspected insolvency would be compliance with the notification or direction; and the shareholding Ministers give the GOC’s board written directions under section 116 (4) (as it applies to GOCs). (sch.4-sec.116-ssec.1A) The GOC must notify the subsidiary of the written directions mentioned in subsection (1) (c) . (sch.4-sec.116-ssec.2) (omitted) (sch.4-sec.116-ssec.3) (omitted) (sch.4-sec.116-ssec.4) (omitted) (sch.4-sec.116-ssec.5) (omitted) (sch.4-sec.116-ssec.6) The subsidiary’s board must ensure that a direction under this section is complied with in relation to the subsidiary . (sch.4-sec.116-ssec.7) (omitted) (sch.4-sec.116-ssec.8) (omitted) - (a) the shareholding Ministers of a shareholding GOC of a prescribed GOC subsidiary give the GOC’s board a notification under section 114 (as it applies to GOCs) or a direction under section 115 (as it applies to GOCs); and - (b) the GOC gives written notice to the shareholding Ministers and the Auditor-General of— (i) its suspicion that the subsidiary will or may become insolvent; and (ii) the reasons for its opinion that the cause or a substantial cause of the suspected insolvency would be compliance with the notification or direction; and - (i) its suspicion that the subsidiary will or may become insolvent; and - (ii) the reasons for its opinion that the cause or a substantial cause of the suspected insolvency would be compliance with the notification or direction; and - (c) the shareholding Ministers give the GOC’s board written directions under section 116 (4) (as it applies to GOCs). - (i) its suspicion that the subsidiary will or may become insolvent; and - (ii) the reasons for its opinion that the cause or a substantial cause of the suspected insolvency would be compliance with the notification or direction; and