Corporate Insolvency and Governance Bill (HC Bill 128)

SCHEDULE 3 continued

Previous Next

Contents page 17-19 20-37 38-39 40-49 50-59 60-69 70-79 80-89 90-99 100-109 110-119 120-129 130-139 140-149 150-169 169-170 170-179 180-189 190-199 200-208 210-219 Last page

Corporate Insolvency and Governance BillPage 110

33 (1) Schedule 10 (punishment of offences under the Act) is amended as follows.

(2) Omit the entries relating to Schedule A1.

(3) At the appropriate place insert—

“A8(4) Directors failing to
notify monitor of
beginning of
moratorium.		 1. On
indictment.

2. Summary.		 2 years or a
fine or both.

On conviction
in England and
Wales: 12
months or a
fine or both.
On conviction
in Scotland: 12
months or the
statutory
maximum or
both.
A8(5) Monitor failing to
notify creditors etc
of beginning of
moratorium.		 Summary. Level 3 on the
standard scale.
A17(6) Directors failing to
notify monitor of
change in end of
moratorium.		 1. On
indictment.

2. Summary.		 2 years or a
fine or both.

On conviction
in England and
Wales: 12
months or a
fine or both.
On conviction
in Scotland: 12
months or the
statutory
maximum or
both.
A17(7) Monitor failing to
notify creditors etc
of change in end of
moratorium.		 Summary. Level 3 on the
standard scale.
A19(5) Company or officer
failing to state in
correspondence etc
that moratorium in
force.		 Summary. Level 3 on the
standard scale.

Corporate Insolvency and Governance BillPage 111

A24(4) Directors failing to
notify monitor of
insolvency
proceedings etc.		 1. On
indictment.

2. Summary.		 2 years or a
fine or both.

On conviction
in England and
Wales: 12
months or a
fine or both.
On conviction
in Scotland: 12
months or the
statutory
maximum or
both.
A25(3)(a) Company
obtaining credit
without disclosing
existence of
moratorium.		 1. On
indictment.

2. Summary.		 A fine.


On conviction
in England and
Wales: a fine.
On conviction
in Scotland:
the statutory
maximum.
A25(3)(b) Obtaining credit
for company
without disclosing
existence of
moratorium.		 1. On
indictment.

2. Summary.		 2 years or a
fine or both.

On conviction
in England and
Wales: 12
months or a
fine or both.
On conviction
in Scotland: 12
months or the
statutory
maximum or
both.
A26(4)(a) Company granting
security without
monitor’s consent.		 1. On
indictment.

2. Summary.		 A fine.


On conviction
in England and
Wales: a fine.
On conviction
in Scotland:
the statutory
maximum.

Corporate Insolvency and Governance BillPage 112

A26(4)(b) Authorising or
permitting
company to do so.		 1. On
indictment.

2. Summary.		 2 years or a
fine or both.

On conviction
in England and
Wales: 12
months or a
fine or both.
On conviction
in Scotland: 12
months or the
statutory
maximum or
both.
A27(1)(a) Company entering
into market
contract, etc.		 1. On
indictment.

2. Summary.		 A fine.


On conviction
in England and
Wales: a fine.
On conviction
in Scotland:
the statutory
maximum.
A27(1)(b) Authorising or
permitting
company to do so.		 1. On
indictment.

2. Summary.		 2 years or a
fine or both.

On conviction
in England and
Wales: 12
months or a
fine or both.
On conviction
in Scotland: 12
months or the
statutory
maximum or
both.
A28(5)(a) Company making
unauthorised
payments.		 1. On
indictment.

2. Summary.		 A fine.


On conviction
in England and
Wales: a fine.
On conviction
in Scotland:
the statutory
maximum.

Corporate Insolvency and Governance BillPage 113

A28(5)(b) Authorising or
permitting
company to do so.		 1. On
indictment.

2. Summary.		 2 years or a
fine or both.

On conviction
in England and
Wales: 12
months or a
fine or both.
On conviction
in Scotland: 12
months or the
statutory
maximum or
both.
A29(6)(a) Company making
unauthorised
disposal of
property.		 1. On
indictment.

2. Summary.		 A fine.


On conviction
in England and
Wales: a fine.
On conviction
in Scotland:
the statutory
maximum.
A29(6)(b) Authorising or
permitting such a
disposal.		 1. On
indictment.

2. Summary.		 2 years or a
fine or both.

On conviction
in England and
Wales: 12
months or a
fine or both.
On conviction
in Scotland: 12
months or the
statutory
maximum or
both.
A30(2)(a) Unauthorised
disposal of hire-
purchase property.		 1. On
indictment.

2. Summary.		 A fine.


On conviction
in England and
Wales: a fine.
On conviction
in Scotland:
the statutory
maximum.

Corporate Insolvency and Governance BillPage 114

A30(2)(b) Authorising or
permitting such a
disposal.		 1. On
indictment.

2. Summary.		 2 years or a
fine or both.

On conviction
in England and
Wales: 12
months or a
fine or both.
On conviction
in Scotland: 12
months or the
statutory
maximum or
both.
A31(8) Directors failing to
send to registrar
copy of court order
permitting disposal
of charged
property.		 Summary. Level 3 on the
standard scale.
A31(10)(a) Company failing to
comply with
requirements
relating to disposal
of charged
property.		 1. On
indictment.

2. Summary.		 A fine.


On conviction
in England and
Wales: a fine.
On conviction
in Scotland:
the statutory
maximum.
A31(10)(b) Authorising or
permitting such a
failure.		 1. On
indictment.

2. Summary.		 2 years or a
fine or both.

On conviction
in England and
Wales: 12
months or a
fine or both.
On conviction
in Scotland: 12
months or the
statutory
maximum or
both.

Corporate Insolvency and Governance BillPage 115

A32(4)(a) Company failing to
comply with
requirements
relating to disposal
of hire-purchase
property.		 1. On
indictment.

2. Summary.		 A fine.


On conviction
in England and
Wales: a fine.
On conviction
in Scotland:
the statutory
maximum.
A32(4)(b) Authorising or
permitting such a
failure.		 1. On
indictment.

2. Summary.		 2 years or a
fine or both.

On conviction
in England and
Wales: 12
months or a
fine or both.
On conviction
in Scotland: 12
months or the
statutory
maximum or
both.
A32(6) Directors failing to
send to registrar
copy of court order
permitting disposal
of hire-purchase
property.		 Summary. Level 3 on the
standard scale.
A39(9) Monitor failing to
notify creditors etc
of change in
monitor.		 Summary. Level 3 on the
standard scale.
A45(1) Fraud or privity to
fraud during or in
anticipation of
moratorium. 		1. On
indictment.

2. Summary.		 2 years or a
fine or both.

On conviction
in England and
Wales: 12
months or a
fine or both.
On conviction
in Scotland: 12
months or the
statutory
maximum or
both.

Corporate Insolvency and Governance BillPage 116

A45(4) Knowingly taking
in pawn or pledge,
or otherwise
receiving,
company property. 		1. On
indictment.

2. Summary.		 2 years or a
fine or both.

On conviction
in England and
Wales: 12
months or a
fine or both.
On conviction
in Scotland: 12
months or the
statutory
maximum or
both.
A46(1) False
representation or
fraud for purpose
of obtaining or
extending
moratorium.		 1. On
indictment.

2. Summary.		 2 years or a
fine or both.

On conviction
in England and
Wales: 12
months or a
fine or both.
On conviction
in Scotland: 12
months or the
statutory
maximum or
both.
A48(5) Directors failing to
notify regulator of
qualifying decision
procedure in
relation to
regulated company		 1. On
indictment.

2. Summary.		 2 years or a
fine or both.

On conviction
in England and
Wales: 12
months or a
fine or both.
On conviction
in Scotland: 12
months or the
statutory
maximum or
both.”

Building Societies Act 1986

34 In Schedule 15A to the Building Societies Act 1986 (application of other
companies insolvency legislation to building societies), in paragraph 1(2)(a),
omit “(except section 1A)”.

Corporate Insolvency and Governance BillPage 117

The Financial Markets and Insolvency (Settlement Finality) Regulations 1999

35 In regulation 19 of the Financial Markets and Insolvency (Settlement
Finality) Regulations 1999 (S.I. 1999/2979S.I. 1999/2979) (administration orders, etc), omit
paragraph (4).

5Limited Liability Partnerships Act 2000

36 In section 14 of the Limited Liability Partnerships Act 2000 (regulations to
make provision about insolvency and winding up), in subsection (1)(a), for
“Parts 1” substitute “Parts A1”.

37 The provision that may be made under section 16(1) of the Limited Liability
10Partnerships Act 2000 (consequential amendments) includes provision in
consequence of the amendment made by paragraph 38.

The Limited Liability Partnerships Regulations 2001

38 In the Limited Liability Partnerships Regulations 2001 (S.I. 2001/1090S.I. 2001/1090), in
Part 4 (winding up and insolvency), in regulation 5 (application of the
15Insolvency Act 1986 to limited liability partnerships), in paragraph (1)(a)
after “Parts” insert “A1,”.

The Financial Services and Markets Act 2000 (Disclosure of Confidential Information)
Regulations 2001

39 In Schedule 2 to the Financial Services and Markets Act 2000 (Disclosure of
20Confidential Information) Regulations 2001 (S.I. 2001/2188S.I. 2001/2188) (disclosure of
confidential information), at the end of the table insert—

““The monitor in relation to a
moratorium under Part A1 of the
Insolvency Act 1986		 The monitor’s functions in
relation to the
moratorium”.

25The Financial Collateral Arrangements (No.2) Regulations 2003

40 In regulation 8 of the Financial Collateral Arrangements (No.2) Regulations
2003 (S.I. 2003/3226S.I. 2003/3226) (certain legislation restricting enforcement of security
not to apply to financial collateral arrangements), omit paragraph (5).

The Insolvency Practitioners Regulations 2005

41 30In regulation 2 of the Insolvency Practitioners Regulations 2005 (S.I. 2005/
524) (interpretation: general), in paragraph (2), before sub-paragraph (a)
insert—

“(za) where the insolvency practitioner acts as the monitor in
relation to a moratorium under Part A1 of the Act, whichever
35is the earlier of the date on which—

(i) the moratorium comes to an end, or

(ii) the insolvency practitioner otherwise ceases to act as
the monitor in relation to the moratorium;”.

Corporate Insolvency and Governance BillPage 118

Banking Act 2009

42 In section 154 of the Banking Act 2009 (winding-up or voluntary
arrangement), in subsection (3A)—

(a) omit “and Schedule A1”;

(b) 5for “9” substitute “8”.

Charities Act 2011

43 The Charities Act 2011 is amended as follows.

44 (1) Section 245 is amended as follows.

(2) After subsection (1), insert—

“(1A) 10Regulations under subsection (1)(b) may not apply Part A1 of the
Insolvency Act 1986 (moratorium) in relation to a CIO that is
registered as a social landlord under Part 1 of the Housing Act 1996
(but see section 247A).”

(3) After subsection (3), insert—

“(3A) 15In relation to a CIO that is a private registered provider of social
housing, the power under section 347(3)(b) may be used to amend,
disapply, or modify (in ways specified in the regulations) any
provision made by or under Part 2 of the Housing and Regeneration
Act 2008 or Chapter 5 of Part 4 of the Housing and Planning Act
202016.”

45 After section 247 insert—

“247A Regulations about moratorium for certain CIOs

(1) The Welsh Ministers may by regulations made by statutory
instrument provide for Part A1 of the Insolvency Act 1986 to apply
25(with such modifications as may be specified in the regulations) in
relation to a CIO that is a registered social landlord.

(2) The regulations may make provision in connection with the
interaction between Part A1 of the Insolvency Act 1986 as applied by
the regulations and any other insolvency procedure in relation to a
30CIO that is a registered social landlord.

(3) The regulations may make—

(a) different provision for different purposes, and

(b) such supplemental, incidental, consequential, transitory or
transitional provision or savings as the Welsh Ministers
35consider appropriate.

(4) The power to make regulations under this section includes power to
amend, disapply, or modify (in ways specified in the regulations)
any provision made by legislation.

(5) A statutory instrument containing the regulations may not be made
40unless a draft of the statutory instrument containing them has been
laid before and approved by a resolution of Senedd Cymru.

Corporate Insolvency and Governance BillPage 119

(6) Before making any regulations under this section the Welsh
Ministers must consult such persons or bodies of persons as the
Welsh Ministers consider appropriate.

(7) In this section—

  • 5“insolvency procedure” includes the provision made by
    sections 39 to 50 of the Housing Act 1996;

  • “legislation” means—

    (a)

    an Act of Parliament or an Act or Measure of Senedd
    Cymru; or

    (b)

    10subordinate legislation (within the meaning of the
    Interpretation Act 1978) made under such an Act or
    Measure;

  • “registered social landlord” means registered as a social
    landlord under Part 1 of the Housing Act 1996.”

15The Investment Bank Special Administration Regulations 2011

46 The Investment Bank Special Administration Regulations 2011 (S.I. 2011/
245) are amended as follows.

47 In regulation 21 (dissolution or voluntary arrangement), in paragraph
(5A)—

(a) 20omit “and Schedule A1”;

(b) for the first “9” substitute “8”.

48 In Schedule 2 (bank administration), in paragraph 16(3)(ba)—

(a) omit “and Schedule A1”;

(b) for the first “9” substitute “8”.

25The Charitable Incorporated Organisations (Insolvency and Dissolution) Regulations 2012

49 (1) Paragraph 1 of Schedule 1 to the Charitable Incorporated Organisations
(Insolvency and Dissolution) Regulations 2012 (S.I 2012/3013) (application
of the Insolvency Act 1986) is amended as follows.

(2) In sub-paragraph (1), at the beginning insert “Subject to sub-paragraph
30(2A)”.

(3) In sub-paragraph (2)(a), for “Parts 1” substitute “Parts A1”.

(4) After sub-paragraph (2), insert—

“(2A) Part A1 of the 1986 Act does not apply in relation to a CIO that is—

(a) a private registered provider of social housing;

(b) 35registered as a social landlord under Part 1 of the Housing
Act 1996.”

Co-operative and Community Benefit Societies Act 2014

50 The Co-operative and Community Benefit Societies Act 2014 is amended as
follows.

51 40In section 106 (appointment of inspectors and calling of special meetings),
omit subsection (2).

Previous Next

Contents page 17-19 20-37 38-39 40-49 50-59 60-69 70-79 80-89 90-99 100-109 110-119 120-129 130-139 140-149 150-169 169-170 170-179 180-189 190-199 200-208 210-219 Last page