s 46 Detrimental transactions
(1) The court may, on an application by the Secretary of State, make an order under this section if— (a) the Secretary of State has exercised a transfer power in respect of a steel undertaking, and (b) the court considers that a transaction entered into at any time during the relevant period by the steel undertaking, or by a qualifying person in relation to the steel undertaking, is a detrimental transaction. (2) A transaction is “detrimental” if— (a) the effect of the transaction is that securities issued by, or property, rights or liabilities of, the undertaking that could otherwise have been transferred by the Secretary of State under a transfer power cannot be so transferred on the relevant date, or (b) the transferee under the regulations made in exercise of the transfer power is, or is likely to be, in a worse position on the relevant date than would have been the case if the transaction had not been entered into. (3) An order under this section is an order that does either or both of the following— (a) provides that the detrimental transaction is void; (b) makes such other provision as the court thinks fit for restoring the position to what it would have been if the detrimental transaction had not been entered into. (4) The court may not make an order under this section in relation to a transaction if the court considers that the transaction was entered into in good faith and in the ordinary course of the business of the steel undertaking in question. (5) Where a transaction is entered into with a person or undertaking connected with the steel undertaking in question then, unless the contrary is shown, the court must presume for the purposes of subsection (4) that the transaction was not entered into in good faith. (6) For the purposes of subsection (5) — (a) a person is connected with a steel undertaking if the person is a qualifying person in relation to the steel undertaking; (b) an undertaking is connected with a steel undertaking if a person who is a qualifying person in relation to the undertaking is also a qualifying person in relation to the steel undertaking. (7) For the purposes of this section , the following persons are qualifying persons in relation to an undertaking— (a) where the undertaking is a body corporate other than one whose affairs are managed by its members, a director, shadow director or shareholder of the body; (b) where the undertaking is a limited liability partnership or other body corporate whose affairs are managed by its members, a member who exercises functions of management with respect to it; (c) where the undertaking is a limited partnership, a general partner (within the meaning given by section 3 of the Limited Partnerships Act 1907 ); (d) where the undertaking is any other partnership, a partner; (e) where the undertaking is any other kind of body, a person who exercises functions of management with respect to it. (8) In this section — “ the court ” means— in relation to England and Wales, the High Court; in relation to Scotland, the Court of Session; in relation to Northern Ireland, the High Court in Northern Ireland; “ director ” and “shadow director” have the same meaning as in the Companies Act 2006 (see sections 250 and 251 respectively of that Act); “ relevant date ” means the date on which the regulations made in exercise of the transfer power in question come into force; “ relevant period ” means the period of 6 months ending with the relevant date (and that period may include a period falling before the day on which this Act is passed).