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Miss Melanie Johnson
570
Schedule 17, page 275, line 38, at end insert—
| '23A(1) | Schedule 8 (scope of insolvency rules) shall be amended as follows. |
| (2) | In paragraph 10 (provision as to committees) for "section 26, 49, 68, 101, 141 or 142 of this Act" substitute "section 49, 68, 101, 141 or 142 of, or paragraph 55 of Schedule B1 to, this Act".' |
| (3) | In paragraph 29 (general provision) for "section 22, 47, 66, 131, 143(2) or 235 of this Act" substitute "section 47, 66, 131, 143(2) or 235 of, or paragraph 45 of Schedule B1 to, this Act".'. |
Miss Melanie Johnson
571
Schedule 17, page 277, line 11, at end insert—
'Company Directors Disqualification Act 1986 (c. 46)
| | 24A | The Company Directors Disqualification Act 1986 shall be amended as follows. |
| | 24B | In section 6 (duty of court to disqualify unfit director of insolvent company)— |
(a) for subsection (2)(b) substitute—
| "(b) | the company enters administration,", |
(b) for subsection (3)(c) substitute—
| "(c) | where neither paragraph (a) nor (b) applies but an administrator or administrative receiver has at any time been appointed in respect of the company in question, any court which has jurisdiction to wind it up.", and |
(c) for subsection (3A)(b) substitute—
| "(b) | in a case within paragraph (c) of that subsection, to the appointment of the administrator or (as the case may be) administrative receiver." |
| | 24C | In section 7(3) (duty of office-holder to report to Secretary of State) for paragraph (c) substitute— |
| "(c) | in the case of a company which is in administration, the administrator,". |
Miss Melanie Johnson
572
Schedule 17, page 277, line 12, at end insert—
| | '24D | The Companies Act 1989 shall be amended as follows. |
| | 24E | In section 161(4) (disapplication of enactments to default proceedings) for "sections 10(1)(c), 11(3), 126, 128, 130, 185 or 285 of the Insolvency Act 1986" substitute "section 126, 128, 130, 185 or 285 of, or paragraph 41(6) (including as applied by paragraph 42) of Schedule B1 to, the Insolvency Act 1986".'. |
Miss Melanie Johnson
573
Schedule 17, page 278, line 22, at end insert—
| | '30A | In section 215(3) (provision of Financial Services Compensation Scheme in relation to insolvency) for "presents a petition under section 9 of the 1986 Act or Article 22 of the 1989 Order" substitute "makes an administration application under Schedule B1 to the 1986 Act or presents a petition under Article 22 of the 1989 Order".'. |
Mr John Whittingdale
Mr Nigel Waterson
Mr Charles Hendry
Mr Andrew Lansley
Mr Jonathan Djanogly
Mr Mark Field
523
Clause 241, page 167, line 7, after 'instrument,' insert 'and the date so appointed shall be a date after the date of such order'.
Miss Melanie Johnson
477
Clause 241, page 168, line 17, leave out from second 'project' to end of line 20 and insert 'which—
| (a) | is a financed project, and |
| (b) | includes step-in rights.'. |
Miss Melanie Johnson
478
Clause 241, page 168, line 25, leave out paragraph (b).
Miss Melanie Johnson
507
Schedule 18, page 280, line 28, leave out 'raising finance as part of' and insert 'implementing'.
Miss Melanie Johnson
508
Schedule 18, page 281, line 42, after 'to' insert—
Miss Melanie Johnson
509
Schedule 18, page 281, line 43, at end insert—
| (b) | make arrangements for carrying out all or part of the project. |
| '(2) | In sub-paragraph (1) a reference to the provision of finance includes a reference to the provision of an indemnity.'. |
Mr John Whittingdale
Mr Nigel Waterson
Mr Charles Hendry
Mr Andrew Lansley
Mr Jonathan Djanogly
Mr Mark Field
437
Clause 242, page 170, line 5, after 'production)"', insert 'and immediately after those words there shall be inserted "after deducting any amounts paid or payable by the Secretary of State in respect of such debts under Part XII of the Employment Rights Act 1996.".'.
Mr John Whittingdale
Mr Nigel Waterson
Mr Charles Hendry
Mr Andrew Lansley
Mr Jonathan Djanogly
Mr Mark Field
438
Clause 242, page 170, line 5, at end insert—
'(4) In section 189 of the Employment Rights Act 1996 (Transfer to Secretary of State of Rights and Remedies) subsections (2) to (4) shall cease to have effect.'.
Mr John Whittingdale
Mr Nigel Waterson
Mr Charles Hendry
Mr Andrew Lansley
Mr Jonathan Djanogly
Mr Mark Field
524
Clause 243, page 170, line 16, at end insert 'appointed under such floating charge'.
Mr John Whittingdale
Mr Nigel Waterson
Mr Charles Hendry
Mr Andrew Lansley
Mr Jonathan Djanogly
Mr Mark Field
439
Clause 243, page 170, leave out lines 17 to 22 and insert—
'(2) A prescribed part of the company's net property shall be applied towards the satisfaction of debts that are neither preferential nor secured and shall not be distributed to the proprietor of a floating charge except in so far as it exceeds the amount required for the satisfaction of such debts.
| (a) | where subsection (1)(a) applies the liquidator shall use the prescribed part to pay the unsecured debts in whole or in part. |
| (b) | where subsection (1)(b) applies the administrator shall use the prescribed part to pay the unsecured debts in whole or in part or, if so authorised by proposals approved under paragraph 51 of Schedule B1, make it available for that purpose to a liquidator of the company, the supervisor of a voluntary arrangement to which the company is subject or the company itself. |
| (c) | where subsection (1)(c) applies the provisional liquidator shall, subject to any order of the court, retain the prescribed part until a winding-up order is made or the petition dismissed. |
| (d) | where subsection (1)(d) applies the receiver shall use the prescribed part to pay the unsecured debts in whole or in part or make it available for that purpose to any liquidator of the company.'. |
Mr John Whittingdale
Mr Nigel Waterson
Mr Charles Hendry
Mr Andrew Lansley
Mr Jonathan Djanogly
Mr Mark Field
440
Clause 243, page 170, line 25, after 'minimum', insert 'amount or less than the prescribed minimum proportion of the unsecured debts.'.
Dr Vincent Cable
Mr Alistair Carmichael
Dr John Pugh
456
Clause 243, page 170, line 26, leave out 'thinks' and insert 'reasonably believes'.
Mr John Whittingdale
Mr Nigel Waterson
Mr Charles Hendry
Mr Andrew Lansley
Mr Jonathan Djanogly
Mr Mark Field
525
Clause 243, page 170, line 35, after 'property', insert 'subject to a floating charge'.
Miss Melanie Johnson
479
Clause 243, page 170, line 35, leave out from 'property' to end of line 39 and insert 'which would, but for this section, be available for satisfaction of claims of holders of debentures secured by, or holders of, any floating charge created by the company.'.
Dr Vincent Cable
Mr Alistair Carmichael
Dr John Pugh
457
Clause 243, page 170, line 36, at end add 'and limited to the value of the assets over which the fixed charge subsists.'.
Mr John Whittingdale
Mr Nigel Waterson
Mr Charles Hendry
Mr Andrew Lansley
Mr Jonathan Djanogly
Mr Mark Field
526
Clause 243, page 170, line 38, leave out 'the company's' and insert 'such'.
Dr Vincent Cable
Mr Alistair Carmichael
Dr John Pugh
458
Clause 243, page 170, line 38, at end add 'including any trading loss incurred.'.
Miss Melanie Johnson
480
Clause 243, page 170, line 41, after 'may', insert ', in particular,'.
Dr Vincent Cable
Mr Alistair Carmichael
Dr John Pugh
459
Clause 243, page 171, line 12, after 'creation', insert '; in Scotland, references to the creation of a charge are—
| (a) | in the case of a floating charge, the date on which the instrument creating the floating charge was executed by the company creating the charge, and |
| (b) | in any other case, the date on which the right of the person entitled to the benefit of the charge was constituted as a real right.'. |
Mr John Whittingdale
Mr Nigel Waterson
Mr Charles Hendry
Mr Andrew Lansley
Mr Jonathan Djanogly
Mr Mark Field
429
Clause 243, page 171, line 13, at end insert—
'"Receiver" means an administrative receiver or (in Scotland) a receiver appointed under Chapter II of Part III of the Insolvency Act 1986.'.
Miss Melanie Johnson
481
Clause 243, page 171, line 19, leave out 'reason' and insert 'virtue'.
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