s 34 Special continuity obligations: property transfers
(1) The Secretary of State may— (a) cancel a contract or other arrangement between the residual steel undertaking and a third party (whether or not rights or obligations under it have been transferred to a transferee); (b) modify the terms of a contract or other arrangement between the residual steel undertaking and a third party (whether or not rights or obligations under it have been transferred to a transferee); (c) add or substitute a transferee as a party to a contract or other arrangement between the residual steel undertaking and a third party; (d) confer and impose rights and obligations on a group company and a transferee, which are to have effect as if created by contract between them; (e) confer and impose rights and obligations on the residual steel undertaking and a transferee which are to have effect as if created by contract between them. (2) In modifying or setting terms under subsection (1) the Secretary of State must aim, so far as is reasonably practicable, to preserve or include— (a) provision for reasonable consideration, and (b) any other provision that would be expected in arrangements concluded between parties dealing at arm's length. (3) The power under subsection (1) must be exercised by way of provision in property transfer regulations (or supplemental property transfer regulations). (4) The power in subsection (1) (d) and (e) may be exercised only in so far as the Secretary of State thinks it necessary to do so to ensure the provision of such services and facilities as are required to enable the transferee to operate the transferred business, or part of it, effectively. (5) An obligation imposed on the residual steel undertaking or a group company under subsection (1) (d) or (e) continues to apply despite the residual steel undertaking or group company entering insolvency, and may not be disclaimed by a liquidator under section 178(2) of the Insolvency Act 1986 or Article 152(1) of the Insolvency (Northern Ireland) Order 1989 ( S.I. 1989/2405 (N.I. 19) ). (6) For the purposes of subsection (1) , “ third party ” includes a group company.