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 Richard Page
71
Clause 6, page 5, line 5, at end insert—
'(1A) The Court shall only grant application under sub-section (1) above if it is satisfied that there has been a material change of circumstances since the giving of the disqualification undertaking on the part of the person who is subject to the disqualification undertaking.'.
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 Richard Page
72
Schedule 4, page 40, line 36, at end insert—
'(3BA) It shall be competent for a director to object to proceedings being retained in the wrong court and to apply to the Court to transfer proceedings to the proper or more appropriate court for determination.
(3BB) If the court is satisfied that proceedings should be transferred, they shall be transferred to a specified court for determination.'.
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 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".'.
As an Amendment to Dr Kim Howell's proposed Amendment (No. 36) (Clause, 11, page 7, line 13):
Mr Christopher Chope
(a)
Leave out lines 6 to 8 and insert—
'(b) the deceased person died after the commencement of this section,
(bb) the petition for the order was presented within the period of five years beginning with the day on which he died, and".'.
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
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" '.
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".'.
Registration of supervisors
Mr Austin Mitchell
Mr Alan Simpson
NC4
To move the following Clause:—
'. After section 7 of the Insolvency Act 1986 there is inserted—
"7A. A person who acts as a supervisor for voluntary arrangements shall register with the Secretary of State and shall publish an annual report on his scale of fees and his record of maintaining companies in being and of liquidations".'.
Reports by accountants for creditor banks
Mr Austin Mitchell
Mr Alan Simpson
NC5
To move the following Clause:—
'. After section 6 of the Insolvency Act 1986 there is inserted—
". A bank which is a creditor of a company which is proposing a voluntary arrangement, or for which a voluntary arrangement has been approved, may seek a report on the company's assets, debts and liabilities, but no person who provides such a report may subsequently act as supervisor of the arrangement or liquidator of the company".'.
Prohibition on certain actions by creditor banks
Mr Austin Mitchell
Mr Alan Simpson
NC6
To move the following Clause:—
'. After section 6 of the Insolvency Act 1986 there is inserted—
". Where the directors of an eligible company have announced their intention to make a proposal for a voluntary arrangement, no bank which is a creditor of the company may take any legal action against the assets of the company nor make a demand for the repayment of any loan unless and until there is a failure to make an arrangement".'.
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