582. Board to act as creditor of the employer.

582.     Board to act as creditor of the employer.

The following provision1 applies where there is an assessment period2 in relation to an eligible scheme3. During the assessment period, the rights and powers of the trustees or managers4 of the scheme in relation to any debt (including any contingent debt) due to them by the employer5 are exercisable by the Board of the Pension Protection Fund6 to the exclusion of the trustees or managers7.