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Miss Melanie Johnson
586
Schedule 16, page 271, line 42, at end insert—
| | '114 | In Scotland, the administrator in making any payment in accordance with paragraph 113 shall make such payment subject to the rights of any of the following categories of persons (which rights shall, except to the extent provided in any instrument, have the following order of priority)— |
(a) the holder of any fixed security which is over property subject to the floating charge and which ranks prior to, or pari passu with, the floating charge,
(b) creditors in respect of all liabilities and expenses incurred by or on behalf of the administrator,
(c) the administrator in respect of his liabilities, expenses and remuneration and any indemnity to which he is entitled out of the property of the company,
(d) the preferential creditors entitled to payment in accordance with paragraph 65,
(e) the holder of the floating charge in accordance with the priority of that charge in relation to any other floating charge which has attached, and
(f) the holder of a fixed security, other than one referred to in sub-sub paragraph (a), which is over property subject to the floating charge.'.
Miss Melanie Johnson
565
Schedule 17, page 272, line 6, at end insert—
| | 1A | The Companies Act 1985 shall be amended as follows. |
| | 1B | In section 225 (alteration of accounting reference date)— |
(a) in subsection (4) for "an administration order is in force" substitute "the company is in administration", and
(b) in subsection (6) for "An accounting reference period may not in any case, unless an administration order is in force" substitute "A company's accounting reference period may not in any case, unless the company is in administration".
| | 1C | In section 425(1) (power of company to compromise) for "an administration order being in force in relation to a company" substitute "in administration". |
| | 1D | In section 427A(3) (mergers and divisions of public companies) for "an administration order being in force in relation to the company" substitute "where the company is in administration".'. |
Miss Melanie Johnson
566
Schedule 17, page 272, line 8, at end insert—
| | '2A | In section 1 (proposal for company voluntary arrangement)— |
(a) in subsection (1) for "(other than one for which an administration order is in force, or which is being wound up)" substitute "(other than one which is in administration or being wound up)", and
(b) in subsection (3) for paragraph (a) substitute—
| "(a) | where the company is in administration, by the administrator,". |
| | 2B | In section 5(3) (approval of company voluntary arrangement)— |
(a) for "an administration order is in force" substitute "is in administration", and
(b) for "discharge the administration order" substitute "provide for the appointment of the administrator to cease to have effect".
| | 2C | In section 6(2)(c) (challenge of decision in relation to company voluntary arrangement) for "an administration order is in force" substitute "is in administration".'. |
Miss Melanie Johnson
567
Schedule 17, page 272, line 23, at end insert—
| | '5A | In section 140 (appointment by court of liquidator following administration or voluntary arrangement) for subsection (1) substitute— |
"(1) Where a winding-up order is made immediately upon the appointment of an administrator ceasing to have effect, the court may appoint as liquidator of the company the person whose appointment as administrator has ceased to have effect." '.
Mr John Whittingdale
Mr Nigel Waterson
Mr Charles Hendry
Mr Andrew Lansley
Mr Jonathan Djanogly
Mr Mark Field
553
Schedule 17, page 272, line 23, at end insert—
'5A In section 129 after subsection (1) add—
"(1A) If the court makes an order under paragraph 11(1)(e) of Schedule B1 that the company be wound up, the winding up of the company is deemed to commence at the time of the order.".'.
Miss Melanie Johnson
506
Schedule 17, page 275, line 27, leave out '82(4)(b)' and insert '82(5)(b)'.
Mr John Whittingdale
Mr Nigel Waterson
Mr Charles Hendry
Mr Andrew Lansley
Mr Jonathan Djanogly
Mr Mark Field
554
Schedule 17, page 275, line 27, at end insert—
'22 (1) For section 387(1)(a) substitute—
| (i) | the winding up is by the court and the winding-up order was made on the termination of an administration, or |
| (ii) | the company was placed into creditors' voluntary liquidation under paragraph 82 of Schedule B1, |
the relevant date is the date on which the company entered into administration.".'.
Miss Melanie Johnson
568
Schedule 17, page 275, line 32, at end insert—
| | '22A | In section 424(1)(a) (application for order in relation to transaction defrauding creditor) for "in relation to which an administration order is in force" substitute "is in administration".'. |
Miss Melanie Johnson
569
Schedule 17, page 275, line 33, leave out paragraph 23 and insert—
| '23 (1) | Schedule A1 (moratorium where directors propose voluntary arrangement) shall be amended as follows. |
| (2) | In paragraph 4(1) (exclusion from eligibility for moratorium)— |
(a) for paragraph (a) substitute—
"(a) the company is in administration,", and
(b) after paragraph (f) (and before the word "or") insert—
"(fa) an administrator appointed under paragraph 20 of Schedule B1 has held office in the period of 12 months ending with the date of filing,".
| (3) | In paragraph 12(1) (effect of moratorium on creditor) for paragraph (d) substitute— |
"(d) no administration application may be made in respect of the company,
(da) no administrator of the company may be appointed under paragraph 12 or 20 of Schedule B1,".
| (4) | In paragraph 40 (challenge of directors' actions during moratorium) for sub-paragraph (7) substitute— |
| | "(7) | Sub-paragraph (8) applies where— |
(a) the appointment of an administrator has effect in relation to the company and the appointment took effect before the moratorium came into force, or
(b) the company is being wound up in pursuance of a petition presented before the moratorium came into force.
| (8) | No application for an order under this paragraph may be made by a creditor or member of the company; but such an application may be made instead by the administrator or (as the case may be) the liquidator." '. |
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—
| | 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".'. |
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