Amendments proposed to the Enterprise Bill - continued House of Commons

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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—

            '(a)'   

   

Miss Melanie Johnson

509

Schedule     18,     page     281,     line     43,     at end insert—

 ', or

(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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