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Ms Secretary Hewitt
345
Page 280, [Schedule 17], leave out line 36 and insert—
| '(1) | Section 387 (preferential debts: "the relevant date") shall be amended as follows. |
| (2) | In subsection (2) for paragraphs (a) and (b) substitute— |
| "(a) | if the company is in administration, the date on which it entered administration, and |
| (b) | if the company is not in administration, the date of the approval of the voluntary arrangement." |
(a) in paragraphs (aa) and (ab) for "the date of the making of the administration order" substitute "the date on which the company entered administration",
(b) after paragraph (b) insert—
| "(ba) | if the case does not fall within paragraph (a), (aa), (ab) or (b) and the company is being wound up following administration pursuant to paragraph 82 of Schedule B1, the relevant date is the date on which the company entered administration;", and |
(c) in paragraph (c) for "paragraph (a), (aa), (ab) or (b)" substitute "paragraph (a), (aa), (ab), (b) or (ba)".
| (4) | After subsection (3)'. |
Ms Secretary Hewitt
128
Page 280, line 40 [Schedule 17], at end insert—
| | '30A | In section 422 (power to apply first Group of Parts to banks, &c.) for subsection (1) substitute— |
"(1) The Secretary of State may by order made with the concurrence of the Treasury and after consultation with the Financial Services Authority provide that specified provisions in the first Group of Parts shall apply with specified modifications in relation to any person who—
| (a) | has a liability in respect of a deposit which he accepted in accordance with the Banking Act 1979 (c.37) or 1987 (c.22), but |
| (b) | does not have permission under Part IV of the Financial Services and Markets Act 2000 (c.8) (administration) to accept deposits. |
(1A) Subsection (1)(b) shall be construed in accordance with—
| (a) | section 22 of the Financial Services and Markets Act 2000 (classes of regulated activity and categories of investment), |
| (b) | any relevant order under that section, and |
| (c) | Schedule 2 to that Act (regulated activities)."'. |
Ms Secretary Hewitt
346
Page 283, line 26 [Schedule 17], at end insert—
| | '38A | In section 158 (modification of insolvency law)— |
(a) in subsection (3) for paragraph (b) substitute—
| "(b) | the application for an administration order or the presentation of a winding-up petition or the passing of a resolution for voluntary winding up,", and |
(b) after subsection (3) insert—
"(3A) In subsection (3)(b) the reference to an application for an administration order shall be taken to include a reference to—
| (a) | in a case where an administrator is appointed under paragraph 12 or 20 of Schedule B1 to the Insolvency Act 1986 (appointment by floating charge holder, company or directors) following filing with the court of a copy of a notice of intention to appoint under that paragraph, the filing of the copy of the notice, and |
| (b) | in a case where an administrator is appointed under either of those paragraphs without a copy of a notice of intention to appoint having been filed with the court, the appointment of the administrator."'. |
Ms Secretary Hewitt
129
Page 283, line 29 [Schedule 17], leave out '41(6) (including' and insert '40 or 41 (including paragraph 41(6)'.
Ms Secretary Hewitt
347
Page 283, line 30 [Schedule 17], at end insert—
| | '39A | After section 167(1) (application by exchange or clearing house to Secretary of State about taking default proceedings) insert— |
"(1A) In subsection (1) a reference to an administration order shall be taken to include a reference to the appointment of an administrator under—
| (a) | paragraph 12 of Schedule B1 to the Insolvency Act 1986 (c.45) (appointment by holder of qualifying floating charge), or |
| (b) | paragraph 20 of that Schedule (appointment by company or directors)."'. |
Ms Secretary Hewitt
130
Page 283, line 35 [Schedule 17], after '41(2)' insert 'and (3)'.
Ms Secretary Hewitt
131
Page 283, line 35 [Schedule 17], at end insert 'or repossession of goods)'.
Ms Secretary Hewitt
132
Page 283, line 38 [Schedule 17], leave out 'and 70' and insert ', 70 and 71'.
Ms Secretary Hewitt
133
Page 283, line 39 [Schedule 17], after 'charged', insert 'or hire-purchase'.
Ms Secretary Hewitt
348
Page 283, line 42 [Schedule 17], at end insert—
| | '(3) | In subsection (2) for "an administration order has been made or a petition for an administration order has been presented" substitute "the occurrence of an event to which subsection (2A) applies". |
| (4) | After subsection (2) insert— |
"(2A) This subsection applies to—
| (a) | making an administration application under paragraph 10 of Schedule B1 to the Insolvency Act 1986, |
| (b) | appointing an administrator under paragraph 12 or 20 of that Schedule (appointment by floating charge holder, company or directors), |
| (c) | filing with the court a copy of notice of intention to appoint an administrator under either of those paragraphs."'. |
Ms Secretary Hewitt
134
Page 284, line 12 [Schedule 17], at end insert—
| 41A | (1) | The Employment Rights Act 1996 shall be amended as follows. |
| (2) | In section 166(7) (application by employee for payment by Secretary of State)— |
(a) in paragraph (a) omit "or an administration order", and
(b) after paragraph (a) insert—
| "(aa) | if the company is in administration for the purposes of the Insolvency Act 1986,". |
| (3) | In section 183(3)(a) (insolvency of employer)— |
(a) in paragraph (a) omit "or an administration order", and
(b) after paragraph (a) insert—
| "(aa) | if the company is in administration for the purposes of the Insolvency Act 1986,". |
| (4) | Omit section 189(4) (transfer to Secretary of State of rights and remedies: priority of preferential debts).'. |
Ms Secretary Hewitt
349
Page 284, [Schedule 17], leave out lines 17 to 24 and insert—
Ms Secretary Hewitt
350
Page 284, line 28 [Schedule 17], leave out 'applying for' and insert 'the making of'.
Ms Secretary Hewitt
351
Page 284, line 37 [Schedule 17], leave out 'In section 215(3)' and insert 'Section 215'.
Ms Secretary Hewitt
352
Page 284, line 38 [Schedule 17], after 'insolvency)', insert 'shall be amended as follows.
Ms Secretary Hewitt
353
Page 284, line 41 [Schedule 17], at end insert—
| '(3) | After subsection (3) insert— |
"(3A) In subsection (3) the reference to making an administration application includes a reference to—
| (a) | appointing an administrator under paragraph 12 or 20 of Schedule B1 to the 1986 Act, or |
| (b) | filing with the court a copy of notice of intention to appoint an administrator under either of those paragraphs."'. |
Ms Secretary Hewitt
140
Page 284, line 41 [Schedule 17], at end insert—
| | '46A | For section 359 (administration order) substitute— |
"359Administration order (1) The Authority may make an administration application under Schedule B1 to the 1986 Act (or present a petition under Article 22 of the 1989 Order) in relation to a company or insolvent partnership which—
| (a) | is or has been an authorised person, |
| (b) | is or has been an appointed representative, or |
| (c) | is carrying on or has carried on a regulated activity in contravention of the general prohibition. |
(2) Subsection (3) applies in relation to an administration application made (or a petition presented) by the Authority by virtue of this section.
(3) Any of the following shall be treated for the purpose of paragraph 9(a) of Schedule B1 to the 1986 Act (or Article 21(1)(a) of the 1989 Order) as unable to pay its debts—
| (a) | a company or partnership in default on an obligation to pay a sum due and payable under an agreement, and |
| (b) | an authorised deposit taker in default on an obligation to pay a sum due and payable in respect of a relevant deposit. |
(4) In this section—
"agreement" means an agreement the making or performance of which constitutes or is part of a regulated activity carried on by the company or partnership,"authorised deposit taker" means a person with a Part IV permission to accept deposits (but not a person who has a Part IV permission to accept deposits only for the purpose of carrying on another regulated activity in accordance with that permission),"company" means a company—
| (a) | in respect of which an administrator may be appointed under Schedule B1 to the 1986 Act, or |
| (b) | to which Article 21 of the 1989 Order applies, and |
"relevant deposit" shall, ignoring any restriction on the meaning of deposit arising from the identity of the person making the deposit, be construed in accordance with—
| (b) | any relevant order under that section, and |
(5) The definition of "authorised deposit taker" in subsection (4) shall be construed in accordance with—
| (b) | any relevant order under that section, and |
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