Amendments proposed to the Insolvency Bill [Lords] - continued House of Commons

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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".'.

   

Mr Richard Page

23

Schedule     2,     page     32,     line     9,     at end insert 'but may only apply within 7 days of the decision taken by creditors'.

   

Dr Kim Howells

44

Schedule     2,     page     32,     line     9,     at end insert—

    '( ) An application under subsection (3) 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.'.

   

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'.

   

Mr Austin Mitchell
Mr Alan Simpson

56

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

      '(d) after subsection (4) there is inserted—

            "(4A) The supervisor shall owe a duty of care to the employees of the company".'.

   

Mr Austin Mitchell
Mr Alan Simpson

57

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

    '9A. After section 7 there is inserted—

    "7A. Neither the supervisor nor any employee or partner of a company of which he is an employee or partner shall subsequently act as liquidator of the company".'.


   

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     leave out lines 19 to 21.

   

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 Austin Mitchell
Mr Alan Simpson

49

Clause     4,     page     2,     line     29,     leave out subsection (a) and insert—

      (a) He is subject to regulation by the Secretary of State who shall provide for independent adjudication of complaints, an ombudsman, and training and qualification requirements.'.

   

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 Austin Mitchell
Mr Alan Simpson

50

Clause     4,     page     3,     line     3,     at end insert 'provided it has machinery for independent adjudication on fees and complaints, and an ombudsman'.

   

Mr Austin Mitchell
Mr Alan Simpson

51

Clause     4,     page     3,     line     9,     at end insert 'and

      (c) are required to publish their fees, records of appointments made and companies maintained in being or liquidated, and

      (d) are required to accept a duty of care to the company, its directors and employees and a duty to maintain in being rather than liquidate viable companies wherever possible'.

   

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 Austin Mitchell
Mr Alan Simpson

52

Clause     6,     page     4,     line     26,     at end insert—

    '(5) The Secretary of State shall publish any arrangements made with a person from whom he accepts a disqualification undertaking'.

   

Mr Christopher Chope

62

Clause     6,     page     4,     line     26,     at end insert—

    '(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 undertaking under this section shall be accepted.'.

   

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'.


   

Mr Christopher Chope

58

Clause     9,     page     6,     line     2,     at beginning insert—

    '(A1) Section 17 of the Insolvency Act 1986 (general duties of an administrator) is amended by inserting a new subsection (4) as follows—

            "(4) The administrator shall be under the same duties to report suspected offences as are imposed on a liquidator under sections 218 and 219."

    (A2) Section 48 of the Insolvency Act (Report by administrative receiver) is amended by inserting a new subsection (6A) as follows—

            "(6A)The Administrative receiver shall be under the same duties to report suspected offences as are imposed on a liquidator under section 218 and 219.".'.


   

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 tenancies421A.—(1) This section applies where—

      (a) an insolvency administration order has been made in respect of the insolvent estate of a deceased person,

      (b) the petition for the order was presented after the commencement of this section and within the period of five years beginning with the day on which he died, and

      (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."

    (2) In subsection (1) of section 421, after "apply" there is inserted "in relation".'.

 
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