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NOTICES OF AMENDMENTS

given up to and including

Friday 27th October 2000


Dr Kim Howells That, during proceedings on the Insolvency Bill [Lords], the Committee do meet on Tuesdays at half-past Ten o'clock and at half-past Four o'clock and on Thursdays at Five Minutes to Ten o'clock and at half-past Two o'clock.

New Amendments handed in are marked thus *

STANDING COMMITTEE B

INSOLVENCY BILL [LORDS]

NOTE

The Amendments have been arranged in accordance with the Order to be proposed by Dr Kim Howells.

Dr Kim Howells To move, That the Bill be considered in the following order, namely Clause 1; Schedule 1; Clause 2; Schedule 2; Clause 3; Schedule 3; Clauses 4 to 8; Schedule 4; Clauses 9 to 14; Schedule 5; Clauses 15 to 17; new Clauses; new Schedules.

   

Dr Kim Howells

38

Schedule     1,     page     10,     line     17,     after 'is' insert 'or has been'.

   

Mr Christopher Chope

9

Schedule     1,     page     11,     line     1,     leave out 'if it meets the requirements of paragraph 3'.

   

Mr Christopher Chope

10

Schedule     1,     page     11,     line     16,     leave out paragraph 3.

   

Mr Austin Mitchell
Mr Alan Simpson

53

*Schedule     1,     page     11,     line     23,     leave out from 'requirements' to 'and' in line 25 and insert 'below, namely—

          (i) turnover of not more than £8.4 million

          (ii) balance sheet total of not more than £4.2 million

          (iii) no more than 150 employees,'.

   

Mr Richard Page

29

Schedule     1,     page     11,     line     50,     after 'regulations', insert 'subject to the approval of both Houses of Parliament'.

   

Mr Richard Page

30

Schedule     1,     page     12,     line     39,     leave out 'has a' and insert 'is'.

   

Mr Richard Page

31

Schedule     1,     page     12,     line     40,     leave out 'prospect of being approved and implemented'.

   

Mr Richard Page

14

Schedule     1,     page     13,     line     12,     leave out 'either of those meetings' and insert 'the meeting of creditors'.

   

Mr Austin Mitchell
Mr Alan Simpson

54

*Schedule     1,     page     13,     line     12,     leave out '28' and insert '90'.

   

Dr Kim Howells

39

Schedule     1,     page     13,     line     14,     after second 'the' insert 'day on which those meetings were to be held (or, if those meetings were summoned to be held on different days, the later of those days), unless it is extended under paragraph 32.

    ( ) If the nominee fails to summon either meeting within the period required by paragraph 29(1), the moratorium ends at the end of the'.

   

Mr Richard Page

15

Schedule     1,     page     14,     leave out line 19.

   

Dr Kim Howells

40

Schedule     1,     page     14,     line     19,     at end insert—

    '( ) 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'.

   

Mr Richard Page

16

Schedule     1,     page     14,     line     20,     leave out 'other'.

   

Mr Richard Page

17

Schedule     1,     page     14,     line     28,     at end insert—

    '(1A) Nothing in sub-paragraph (1) requires the leave of the court for the appointment of an administrative receiver of the company.'.

   

Mr Richard Page

18

Schedule     1,     page     14,     line     49,     leave out paragraph 13.

   

Mr Richard Page

19

Schedule     1,     page     15,     line     23,     leave out paragraph 14.

   

Mr Richard Page

32

Schedule     1,     page     15,     line     35,     after 'company', insert 'but that its Directors remain in control of the company and of its business during the moratorium.'.

   

Mr Richard Page

20

Schedule     1,     page     16,     line     31,     at end insert—

    '(4) A disposal of the company's property to any person other than a person who is connected with the company shall not be avoided only on the ground that sub-paragraph 18(1) was not satisfied.'.

   

Mr Richard Page

21

Schedule     1,     page     16,     line     35,     leave out sub-paragraph (a).

   

Mr Richard Page

33

Schedule     1,     page     19,     line     20,     at end insert—

    '(5) The nominee shall have the power to apply to the court for directions to enable him to perform his duties under this paragraph.'.

   

Dr Kim Howells

41

Schedule     1,     page     21,     line     7,     after 'date', insert '(within the period of 28 days beginning with the day on which the moratorium comes into force)'.

   

Dr Kim Howells

42

Schedule     1,     page     23,     line     35,     leave out from '(3)' to end of line 36 and insert 'shall not be made after the end of the period of 28 days beginning with—

    (a) the day on which the decision was taken by the creditors' meeting, or

    (b) where the decision of the company meeting was taken on a later day, that day.'.

   

Mr Richard Page

22

Schedule     1,     page     23,     line     36,     at end insert 'but may only be made within 7 days of the decision taken by the creditors' meeting'.

   

Mr Richard Page

34

Schedule     1,     page     27,     line     25,     leave out 'to the value of £500 or more'.

   

Dr Kim Howells

43

Schedule     1,     page     28,     line     30,     at end insert—

'Functions of the Financial Services Authority

    43A.—(1) This Schedule has effect in relation to a moratorium for a regulated company with the modifications in sub-paragraphs (2) to (14) below.

    (2) Any notice or other document required by virtue of this Schedule to be sent to a creditor of a regulated company must also be sent to the Authority.

    (3) The Authority is entitled to be heard on any application to the court for leave under paragraph 20(2) or 20(3) (disposal of charged property, etc.).

    (4) Where paragraph 26(1) (challenge of nominee's actions, etc.) applies, the persons who may apply to the court include the Authority.

    (5) If a person other than the Authority applies to the court under that paragraph, the Authority is entitled to be heard on the application.

    (6) Where paragraph 27(1) (challenge of nominee's actions, etc.) applies, the persons who may apply to the court include the Authority.

    (7) If a person other than the Authority applies to the court under that paragraph, the Authority is entitled to be heard on the application.

    (8) The persons to be summoned to a creditors' meeting under paragraph 29 include the Authority.

    (9) A person appointed for the purpose by the Authority is entitled to attend and participate in (but not to vote at)—

      (a) any creditors' meeting summoned under that paragraph,

      (b) any meeting of a committee established under paragraph 35 (moratorium committee).

    (10) The Authority is entitled to be heard on any application under paragraph 36(3) (effectiveness of decisions).

    (11) Where paragraph 38(1) (challenge of decisions) applies, the persons who may apply to the court include the Authority.

    (12) If a person other than the Authority applies to the court under that paragraph, the Authority is entitled to be heard on the application.

    (13) Where paragraph 40(2) (challenge of directors' actions) applies, the persons who may apply to the court include the Authority.

    (14) If a person other than the Authority applies to the court under that paragraph, the Authority is entitled to be heard on the application.

    (15) This paragraph does not prejudice any right the Authority has (apart from this paragraph) as a creditor of a regulated company.

    (16) In this paragraph—

      "the Authority" means the Financial Services Authority, and

      "regulated company" means a company which—

          (a) is, or has been, an authorised person within the meaning given by section 31 of the Financial Services and Markets Act 2000,

          (b) is, or has been, an appointed representative within the meaning given by section 39 of that Act, or

          (c) is carrying on, or has carried on, a regulated activity, within the meaning given by section 22 of that Act, in contravention of the general prohibition within the meaning given by section 19 of that Act'.

   

Mr Richard Page

26

Schedule     1,     page     29,     leave out lines 3 to 7.

   

Mr Richard Page

27

Schedule     1,     page     29,     line     11,     at end insert 'or by the company.'.

   

Mr Richard Page

28

Schedule     1,     page     29,     line     18,     leave out from 'Part I' to end of line 19.


   

Mr Austin Mitchell
Mr Alan Simpson

55

*Schedule     2,     page     31,     line     33,     at end insert—

      '(ab) In subsection (2)(a), after "creditors" there is inserted "and employee representatives".'.

 
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Prepared 27 Oct 2000