Saarthak Jain
Saarthak is an associate in A&O Shearman’s Global Restructuring Group based in the London office.
He advises on a wide range of insolvency and restructuring matters. His clients include banks, distressed debt funds, corporates and international financial institutions.
Practice Area
Panel
- Contributing Author
Qualified Year
- 2024
Experience
- Allen & Overy (2022 - 2024)
Qualification
- B.A. LL.B. (Hons) (2021)
Education
- National Law School of India University, Bangalore, India (2021)
1 Contributions by Saarthak Jain
PRACTICE NOTES
Energy supply company special administration regime (ESCA): legal framework, appointment and court process, objectives, government funding, exit via transfer schemes, Ofgem v SoLR, and directors’ considerations
Background to the energy supply company special administration regime
The government established a special administration regime (SAR) for energy suppliers in the Energy Act 2011 (EnA 2011), adopting and adapting certain provisions from the Energy Act 2004 (EA 2004). Brought in as part of a broader package in EnA 2011, the SAR aims to strengthen energy security and ensure gas and electricity continue to be delivered as cost effectively as possible where a major supplier becomes insolvent and no purchaser can be secured.
To govern the procedure, the government also introduced the Energy Supply Company Administration Rules 2013 (ESCAR 2013), SI 2013/1046, which set the technical framework for energy supply company administrations (ESCA). ESCAR 2013, SI 2013/1046 reflects the Insolvency (England and Wales) Rules 1986, SI 1986/1925, diverging only to the extent needed to reflect ESCA’s specific provisions.
A special administration regime for gas transportation and electricity transmission and distribution entities had already been created by EA 2004, and the supplier SAR is modelled on that structure. The SAR was conceived as a fallback to the supplier of last resort (SoLR) arrangements, which enable Ofgem to revoke a supplier’s...
Restructuring & Insolvency
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