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| "Disqualification orders: unfitness of director. | .—(1) The court may make a disqualification order against a person where it appears to it—
(2) The maximum period of disqualification under this section is five years.".'.
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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'.
Mr David Heathcoat-Amory
Mr Richard Page
31
Page 16, line 34 [Schedule 1], leave out 'it' and insert 'the consideration for which the security was granted'.
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