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Dr Kim Howells
45
*Schedule 2, page 32, line 9, at end insert—
'( ) Where a member of a regulated company, within the meaning given by paragraph 43A of Schedule A1, applies to the court under subsection (3), the Financial Services Authority is entitled to be heard on the application'.
Dr Kim Howells
46
*Schedule 3, page 36, line 4, after 'court)' insert—
'(a) in subsection (2)(a), after "with," there is inserted—
"(aa) no landlord or other person to whom rent is payable may exercise any right of forfeiture by peaceable re-entry in relation to premises let to the debtor in respect of a failure by the debtor to comply with any term or condition of his tenancy of such premises, except with the leave of the court,"
(b)'.
Dr Kim Howells
47
*Schedule 3, page 36, line 13, at end insert—
'. In section 254 (effect of application), in subsection (1)—
(a) after "pending" there is inserted—
"(a) no landlord or other person to whom rent is payable may exercise any right of forfeiture by peaceable re-entry in relation to premises let to the debtor in respect of a failure by the debtor to comply with any term or condition of his tenancy of such premises, except with the leave of the court, and
(b)"
(b) after "may" there is inserted—
"forbid the levying of any distress on the debtor's property or its subsequent sale, or both, and" '.
Mr Richard Page
24
*Schedule 3, page 37, line 44, leave out from '(3),' to 'for' in line 46.
Mr Richard Page
25
*Schedule 3, page 39, line 20, leave out sub-paragraph (b).
Dr Kim Howells
48
*Schedule 3, page 39, line 21, at end insert—
'. In section 347 (distress, etc.)—
(a) in subsection (1), after "(subject to" there is inserted "sections 252(2)(b) and 254(1) above and",
(b) in subsection (8), at the beginning there is inserted "Subject to sections 252(2)(b) and 254(1) above." '.
Mr Richard Page
11
*Clause 4, page 2, line 29, after second 'a', insert 'professional'.
Mr Richard Page
12
*Clause 4, page 2, line 29, leave out 'recognised for the purpose by the Secretary of State' and insert 'within the meaning of section 390 (2) of the Insolvency Act 1986'.
Mr Richard Page
13
*Clause 4, page 3, line 9, at end insert—
'(c) are free from financial interests in the companies in which they may act as nominees or supervisors and are subject to displicinary procedurees guaranteeing their independence.'.
Mr Christopher Chope
1
Clause 5, page 3, line 33, at end insert ', and
(c) he shall not act as the principal of any trade or business engaged in providing services to consumers'.
Mr Christopher Chope
2
Clause 6, page 4, line 2, leave out 'sections 7 and 8' and insert 'section 7'.
Mr Christopher Chope
3
Clause 6, page 4, line 12, at end insert ', and
(c) he shall not act as the principal of any trade or business engaged in providing services to consumers'.
Mr Christopher Chope
4
Clause 6, page 4, line 14, leave out '15' and insert '4'.
Mr Christopher Chope
5
Clause 6, page 4, line 34, at end insert—
'(2B) Before accepting any undertaking under subsection (2A) the Secretary of State shall agree with the person who is to be the subject of the disqualification undertaking a statement of facts relating to the conduct of that person and that statement shall be published and included in a public register to be kept by the Secretary of State'.
Mr Christopher Chope
6
Clause 6, page 5, line 2, after 'undertaking', insert 'made more than two years earlier'.
Mr Christopher Chope
7
Clause 6, page 5, line 8, after 'court', insert 'to the agreed statement of facts made when the undertaking was given and'.
Mr Christopher Chope
8
Clause 7, page 5, line 33, at end insert ', and
(c) he shall not act as the principal of any trade or business engaged in providing services to consumers'.
Dr Kim Howells
35
*Clause 11, page 7, line 12, at beginning insert 'After'.
Dr Kim Howells
36
*Clause 11, page 7, line 13, leave out from 'persons)' to end of line 28 and insert 'there is inserted—
| "Insolvent estates: joint tenancies | 421A.—(1) This section applies where—
(c) immediately before his death he was beneficially entitled to an interest in any property as joint tenant.
(2) For the purpose of securing that debts and other liabilities to which the estate is subject are met, the court may, on an application by the trustee appointed pursuant to the insolvency administration order, make an order under this section requiring the survivor to pay to the trustee an amount not exceeding the value lost to the estate.
(3) In determining whether to make an order under this section, and the terms of such an order, the court must have regard to all the circumstances of the case, including the interests of the deceased's creditors and of the survivor; but, unless the circumstances are exceptional, the court must assume that the interests of the deceased's creditors outweigh all other considerations.
(4) The order may be made on such terms and conditions as the court thinks fit.
(5) Any sums required to be paid to the trustee in accordance with an order under this section shall be comprised in the estate.
(6) The modifications of this Act which may be made by an order under section 421 include any modifications which are necessary or expedient in consequence of this section.
(7) In this section, "survivor" means the person who, immediately before the death, was beneficially entitled as joint tenant with the deceased or, if the person who was so entitled dies after the making of the insolvency administration order, his personal representatives.
(8) If there is more than one survivor—
(a) an order under this section may be made against all or any of them, but
(b) no survivor shall be required to pay more than so much of the value lost to the estate as is properly attributable to him.
(9) In this section—
"insolvency administration order" has the same meaning as in any order under section 421 having effect for the time being,
"value lost to the estate" means the amount which, if paid to the trustee, would in the court's opinion restore the position to what it would have been if the deceased had been adjudged bankrupt immediately before his death."
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(2) In subsection (1) of section 421, after "apply" there is inserted "in relation".'.
Dr Kim Howells
37
*Clause 14, page 8, line 32, at end insert—
'( ) For the purposes of the Financial Services and Markets Act 2000, the functions conferred on the Financial Services Authority by virtue of Schedules 1 and 2 are to be treated as conferred by that Act'.
NEW CLAUSES
Secretary of State's guidelines
Mr Christopher Chope
NC1
To move the following Clause:—
'After subsection (4) of the Company Directors Disqualification Act 1986 there is inserted—
"(5) The Secretary of State shall from time to time publish guidelines as to the circumstances in which he may deem it expedient in the public interest that a disqualification order under section 6 shall be made.".'.
Disqualification for unfitness
Mr Christopher Chope
NC2
To move the following Clause:—
'After subsection (1)(a) of section 6 of the Company Directors Disqualification Act 1986 for the word "and" there is substituted "or
(aa) that he has been a director of a company which within the previous year was struck off the register of companies by reason of its failure to deliver company accounts, and".'.
Administration orders
Dr Kim Howells
NC3
*To move the following Clause:—
'.—(1) Part II of the Insolvency Act 1986 (administration orders) is amended as follows.
(2) In section 10 (effect of application), after paragraph (a) of subsection (1) there is inserted—
"(aa) no landlord or other person to whom rent is payable may exercise any right of forfeiture by peaceable re-entry in relation to premises let to the company in respect of a failure by the company to comply with any term or condition of its tenancy of such premises, except with the leave of the court and subject to such terms as the court may impose".
(3) In section 11 (effect of order), after paragraph (b) of subsection (3) there is inserted—
"(ba) no landlord or other person to whom rent is payable may exercise any right of forfeiture by peaceable re-entry in relation to premises let to the company in respect of a failure by the company to comply with any term or condition of its tenancy of such premises, except with the consent of the administrator or the leave of the court and subject (where the court gives leave) to such terms as the court may impose" '.
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