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Index of Amendments

          

NOTICES OF AMENDMENTS

given up to and including

Tuesday 14th November 2000


New Amendments handed in are marked thus *

CONSIDERATION OF BILL

INSOLVENCY BILL [LORDS], AS AMENDED


NEW CLAUSES

Prohibition during period of disqualification

   

Mr Christopher Chope

NC1

To move the following Clause:—

    '. A person subject to a disqualification order or undertaking under the Company Directors Disqualification Act 1986 shall not act as the principal of any trade or business providing services to consumers during the period of disqualification unless so authorised by the Director General of Fair Trading.'.


Disqualification orders: unfitness of director

   

Mr Christopher Chope

NC2

To move the following Clause:—

    '. After section 3 of the Company Directors Disqualification Act 1986 there is inserted the following new section—

"Disqualification orders: unfitness of director..—(1) The court may make a disqualification order against a person where it appears to it—

      (a) that he has been a director of a company which was struck off the register of companies by reason of its failure to deliver company accounts, and

      (b) that his conduct as a director of that company makes him unfit to be concerned in the management of a company.

    (2) The maximum period of disqualification under this section is five years.".'.


Section 309(1) of the Insolvency Act 1986 to apply to nominees

   

Mr Austin Mitchell
Mr Jim Cousins
Mr Alan Simpson

NC3

*To move the following Clause:—

    '.The duty imposed on directors by Section 309(1) of the Companies Act 1985 to have regard to the interests of the company's employees shall apply to the nominee during his administration of the company.'.


   

Mr Austin Mitchell
Mr Jim Cousins
Mr Alan Simpson

45

*Page     3,     line     9     [Clause     4],     at end insert 'and has procedures for the independent investigation of complaints and an independent ombudsman to adjudicate on fees and complaints.'.


   

Mr Christopher Chope

14

Page     4,     line     26     [Clause     6],     at end insert—

    '(5) Before accepting a disqualification undertaking under this Act the Secretary of State shall prepare a summary statement of the outcome of the relevant investigation.

    (6) The summary statement prepared under subsection (5) above shall be a matter of public record.'.


   

Mr David Heathcoat-Amory
Mr Richard Page

22

*Page     5,     line     5     [Clause     6],     at end insert—

    '(1A) The Court shall only grant an application under subsection (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 David Heathcoat-Amory
Mr Richard Page

26

*Page     6,     line     7     [Clause     9],     at end insert 'and occupied by'.

   

Mr David Heathcoat-Amory
Mr Richard Page

27

*Page     6,     line     14     [Clause     9],     at end insert 'and occupied by'.


   

Mr David Heathcoat-Amory
Mr Richard Page

28

*Page     7,     line     32     [Clause     12],     at end insert 'who has died after the commencement of this section'.


   

Dr Kim Howells

51

*Page     9,     line     40     [Clause     15],     at end insert—

    '(3) Section 356 of that Act (Authority's powers to participate in proceedings: company voluntary arrangements) is amended as follows—

      (a) for subsection (1), there is substituted—

            "(1) Where a voluntary arrangement has effect under Part I of the 1986 Act in respect of a company or insolvent partnership which is an authorised person, the Authority may apply to the court under section 6 or 7 of that Act.",

      (b) for subsection (2), there is substituted—

            "(2) Where a voluntary arrangement has been approved under Part II of the 1989 Order in respect of a company or insolvent partnership which is an authorised person, the Authority may apply to the court under Article 19 or 20 of that Order.",

      (c) in subsection (3), for "either" there is substituted "any" '.


   

Dr Kim Howells

52

*Page     10,     line     8     [Clause     17],     after 'except' insert "section 15(3),'.


   

Dr Kim Howells

5

Page     11,     line     37     [Schedule     1],     at end insert—

    '"money market contract" and "money market charge" have the meanings given by the Financial Markets and Insolvency (Money Market) Regulations 1995 ("the 1995 regulations"),'.

   

Dr Kim Howells

6

Page     11,     line     40     [Schedule     1],     at end insert—

    '"related contract" has the meaning given by the 1995 regulations,'.

   

Dr Kim Howells

7

Page     11,     line     42     [Schedule     1],     at end insert—

    '"system-charge" has the meaning given by the Financial Markets and Insolvency Regulations 1996,'.


   

Dr Kim Howells

8

Page     12,     line     11     [Schedule     1],     after 'contract', insert ', a money market contract or a related contract'.

   

Dr Kim Howells

9

Page     12,     line     12     [Schedule     1],     after 'charge', insert ', a money market charge or a system-charge'.

   

Mr Austin Mitchell
Mr Jim Cousins
Mr Alan Simpson

1

Page     12,     line     24     [Schedule     1],     after 'small', insert 'or medium'.


   

Mr Christopher Chope

15

Page     13     [Schedule     1],     leave out lines 6 and 7 and insert—

      '(a) such information as is necessary for a nominee to be able to judge if there is a reasonable prospect of drawing up a workable voluntary arrangement which warrants being submitted to creditors,'.

   

Mr Christopher Chope

16

Page     13     [Schedule     1],     leave out lines 16 and 17 and insert—

      '(a) there is a reasonable prospect of a workable voluntary arrangement being drawn up which warrants being submitted to creditors,'.

   

Mr David Heathcoat-Amory
Mr Richard Page

34

*Page     13,     line     16     [Schedule     1],     leave out 'the proposed' and insert 'a'.

   

Mr Christopher Chope

17

Page     13,     line     24     [Schedule     1],     at end insert 'but he shall take steps to assure himself independently of the validity of information submitted by directors in relation to sub-paragraph (2)(b).'.

   

Mr Austin Mitchell

44

*Page     13,     line     35     [Schedule     1],     at end insert—

          '(iii) a statement from the directors of the company stating that the nominee is independent of the company's officers, the company, its subsidiaries and associated companies.'.

   

Mr David Heathcoat-Amory
Mr Richard Page

35

*Page     13,     line     39     [Schedule     1],     leave out 'the proposed' and insert 'a'.


   

Mr Austin Mitchell
Mr Jim Cousins
Mr Alan Simpson

2

Page     14,     line     12     [Schedule     1],     leave out '28' and insert '90'.

   

Mr David Heathcoat-Amory
Mr Richard Page

43

*Page     14,     line     42     [Schedule     1],     leave out 'petitioning'.


   

Mr Austin Mitchell

46

*Page     15,     line     6     [Schedule     1],     at end insert 'and notify the registrar of companies, the company and any petitioning creditor of the company of the actual fees charged, the basis of the charges, the outcome of the moratorium and whether during the term of the moratorium he has been the subject of any adverse court judgement or disciplinary findings by any of the Recognised Supervisory Bodies.'.

   

Mr David Heathcoat-Amory
Mr Richard Page

29

*Page     15,     line     23     [Schedule     1],     at end insert 'except with the leave of the court and subject to such terms as the court may impose'.

   

Mr David Heathcoat-Amory
Mr Richard Page

23

*Page     15,     line     25     [Schedule     1],     at end insert 'and occupied by'.


   

Mr David Heathcoat-Amory
Mr Richard Page

18

*Page     16,     line     33     [Schedule     1],     after 'enforced', insert 'against a liquidator representing interests including interests of creditors of the company at the time of the moratorium'.

   

Mr David Heathcoat-Amory
Mr Richard Page

19

*Page     16,     line     33     [Schedule     1],     leave out 'that' and insert 'the'.

   

Mr David Heathcoat-Amory
Mr Richard Page

20

*Page     16,     line     33     [Schedule     1],     after 'time', insert 'of its grant'.

 
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Prepared 14 Nov 2000