Lord Berkeleyasked Her Majesty's Government:
Under what circumstances the British and French Governments can refuse Eurotunnel's creditor banks permission to take over the company in the event of default in interest or other payments due to them. [HL2461]
§ Lord TriesmanThe provisions relating to lenders are spelled out in Clause 32 of the Channel Tunnel Concession Agreement of 14 March 1986 (Cmnd 9769).
Clause 32.1(1), supported by Annex IV, sets out the circumstances in which the lenders may seek to install substitute concessionaires, and the assurance that must be provided to the two governments.