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'7A (1) A person may not be appointed as administrator of a company which—
(a) has a liability in respect of a deposit which it accepted in accordance with the Banking Act 1979 (c. 37) or 1987 (c. 22), but
(b) is not an authorised deposit taker.
(2) A person may not be appointed as administrator of a company which effects or carries out contracts of insurance.
(3) But sub-paragraph (2) does not apply to a company which—
(a) is exempt from the general prohibition in relation to effecting or carrying out contracts of insurance, or
(b) is an authorised deposit taker effecting or carrying out contracts of insurance in the course of a banking business.
(4) In this paragraph—
"authorised deposit taker" means a person with permission under Part IV of the Financial Services and Markets Act 2000 (c. 8) to accept deposits, and
"the general prohibition" has the meaning given by section 19 of that Act.
(5) This paragraph 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).'.

No. 324, in page 245, line 36, after "unless", insert—


'(a) '.

No. 325, in page 245, line 38, at end insert—


', or
(b) the holder of any prior floating charge which satisfies paragraph 12(2) has consented in writing to the making of the appointment.'.

No. 326, in page 253, line 31, at end insert—


'(1A) This paragraph also applies from the time when a copy of notice of intention to appoint an administrator under paragraph 12 is filed with the court until—
(a) the appointment of the administrator takes effect, or
(b) the period of five business days beginning with the date of filing expires without an administrator having been appointed.

17 Jun 2002 : Column 69


(1B) Sub-paragraph (1A) has effect in relation to a notice of intention to appoint only if it is in the prescribed form.'.

No. 102, in page 254, line 20, at end insert "and".

No. 103, in page 254, line 21, leave out from "letter," to end of line 23.

No. 104, in page 261, line 1, leave out sub-paragraph (2) and insert—


'(2) If the court gives directions to the administrator of a company in connection with any aspect of his management of the company's affairs, business or property, the administrator shall comply with the directions.'.

No. 327, in page 261, line 34, leave out "charge" and insert "security".

No. 105, in page 263, line 26, leave out "section 4" and insert "Part I".

No. 106, in page 264, line 36, leave out paragraph (b) and insert—


'(b) if the company has unsecured debts, creditors whose debts amount to more than 50% of the company's unsecured debts, disregarding debts of any creditor who does not respond to an invitation to give or withhold consent.'.

No. 107, in page 264, line 42, after first "of", insert—


'(i) '.

No. 108, in page 264, line 43, leave out "and of" and insert ", and


(ii) '.

No. 109, in page 264, line 43, leave out "at least" and insert "more than".

No. 110, in page 264, line 44, leave out "total".

No. 111, in page 264, line 44, at end insert—


', disregarding debts of any creditor who does not respond to an invitation to give or withhold consent.'.

No. 112, in page 267, line 6, leave out paragraph (a) and insert—


'(a) that the total amount which each secured creditor of the company is likely to receive has been paid to him or set aside for him,'.

No. 113, in page 267, line 9, leave out "has been or".

No. 114, in page 267, line 28, leave out "98" and insert "84".

No. 115, in page 269, line 35, after "where", insert—


'(a) '.

No. 116, in page 269, line 35, at end insert—


'(b) the court is satisfied that the creditors' committee or a remaining administrator is not taking reasonable steps to make a replacement, or
(c) the court is satisfied that for another reason it is right for the application to be made.'.

No. 117, in page 269, line 36, leave out—


'by the holder of a qualifying floating charge he'

and insert—


'the holder of the floating charge by virtue of which the appointment was made'.

No. 118, in page 271, line 4, leave out paragraphs (a) and (b) and insert—


'(a) in the case of an administrator who dies, on the filing with the court of notice of his death,
(b) in the case of an administrator appointed under paragraph 12 or 20, at a time appointed by resolution of the creditors' committee or, if there is no committee, by resolution of the creditors, or
(c) in any case, at a time specified by the court.

17 Jun 2002 : Column 70


( ) For the purpose of the application of sub-paragraph (2)(b) in a case where the administrator has made a statement under paragraph 50(1)(b), a resolution shall be taken as passed if (and only if) passed with the approval of—
(a) each secured creditor of the company, or
(b) if the administrator has made a distribution to preferential creditors or thinks that a distribution may be made to preferential creditors—
(i) each secured creditor of the company, and
(ii) preferential creditors whose debts amount to more than 50% of the preferential debts of the company, disregarding debts of any creditor who does not respond to an invitation to give or withhold approval.'.

No. 119, in page 272, line 43, at end insert—


'101A (1) Where a company is in administration, a person may be appointed to act as administrator jointly or concurrently with the person or persons acting as the administrator of the company.
(2) Where a company entered administration by administration order, an appointment under sub-paragraph (1) must be made by the court on the application of—
(a) a person or group listed in paragraph 10(1)(a) to (e), or
(b) the person or persons acting as the administrator of the company.
(3) Where a company entered administration by virtue of an appointment under paragraph 12, an appointment under sub-paragraph (1) must be made by—
(a) the holder of the floating charge by virtue of which the appointment was made, or
(b) the court on the application of the person or persons acting as the administrator of the company.
(4) Where a company entered administration by virtue of an appointment under paragraph 20(1), an appointment under sub-paragraph (1) above must be made either by the court on the application of the person or persons acting as the administrator of the company or—
(a) by the company, and
(b) with the consent of each person who is the holder of a qualifying floating charge in respect of the company's property or, where consent is withheld, with the permission of the court.
(5) Where a company entered administration by virtue of an appointment under paragraph 20(2), an appointment under sub-paragraph (1) must be made either by the court on the application of the person or persons acting as the administrator of the company or—
(a) by the directors of the company, and
(b) with the consent of each person who is the holder of a qualifying floating charge in respect of the company's property or, where consent is withheld, with the permission of the court.
(6) An appointment under sub-paragraph (1) may be made only with the consent of the person or persons acting as the administrator of the company.'.

No. 120, in page 274, line 3, leave out paragraph (b) and insert—


'(b) if the company has unsecured debts, creditors whose debts amount to more than 50% of the company's unsecured debts, disregarding debts of any creditor who does not respond to an invitation to give or withhold consent.'.

No. 121, in page 274, line 9, after first "of", insert—


'(i) '.

No. 123, in page 274, line 10, leave out "at least" and insert "more than".

No. 122, in page 274, line 10, leave out "and of" and insert ", and


(ii) '.

17 Jun 2002 : Column 71

No. 124, in page 274, line 11, at end insert—


', disregarding debts of any creditor who does not respond to an invitation to give or withhold consent.'.

No. 328, in page 274, line 37, at end insert—


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