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Amendments to the Insolvency Bill [H.L.]

Insolvency Bill [H.L.] -
Amendments to be debated in the House of Lords

Here you can browse the Amendments to the Insolvency Bill [H.L.] to be moved in Committee in the House of Lords.

  
Clause 4
 
  
BY THE BARONESS BUSCOMBE
 
     Page 2, line 17, leave out subsection (3) 
     Page 2, line 20, leave out subsection (4) 
  
Clause 10
 
  
BY THE BARONESS BUSCOMBE
 
     Page 6, line 43, after ("answer") insert ("or obtained by an examination of that person under section 133 or section 236 of this Act") 
     Page 7, line 1, leave out ("it'') and insert ("such evidence'') 
     Page 7, line 2, leave out ("it'') and insert ("the evidence referred to in paragraph (a)'') 
     Page 7, line 3, leave out ("it'') and insert ("the evidence referred to in paragraph (a)'') 
  
After Clause 13
 
  
BY THE BARONESS BUSCOMBE
 
     Insert the following new Clause-- 
     ("  .--(1)  Section 10 of the Insolvency Act 1986 (effect of application) is amended as follows.
 
    (2)  In subsection (1)(c), after the words "the company or its property'' there is inserted "and no lease of the company may be forfeited''.'')
Effect of application: non-forfeiture of company lease.
  
Schedule 1
 
  
BY THE BARONESS BUSCOMBE
 
     Page 12, line 16, after ("arrangement") insert ("(with or without modifications)") 
     Page 12, line 39, after ("arrangement") insert ("(with or without modifications)") 
     Page 13, line 12, leave out ("either of those meetings") insert ("the meeting of the creditors") 
     Page 13, line 37, leave out ("petitioning'') 
     Page 13, leave out lines 39 to 41 
     Page 14, line 9 at end insert (", without the consent of the nominee or the leave of the court and subject (where the court gives leave) to such terms as the court may impose") 
     Page 14, line 11, leave out from ("requisitioned") to end of line 14 
     Page 14, leave out line 19 
     Page 14, line 22, leave out from ("agreement,") to ("and") in line 24 
     Page 14, line 27, after ("property") insert ("and no lease of the company may be forfeited") 
     Page 14, line 27, leave out from ("property") to end of line 28 
     Page 14, line 28, at end insert--
 
    ("(  )  Nothing in sub-paragraph (1) requires the leave of the court for the appointment of an administrative receiver of the company.")
 
     Page 14, leave out lines 49 to 51 and insert--
 
    ("13.--(1)  Any security granted by the company at a time when a moratorium is in force in relation to the company is invalid except for the extent of the aggregate of--
    (a)  the amount of any money paid, or the value of goods or services supplied, to the company at the same time as, or after, the security is granted, which is, and is intended to be, secured by the security, and
    (b)  the amount of such interest (if any) as is payable on the amount falling within paragraph (a) in pursuance of any agreement under which the money was so paid or the goods or services were so supplied.
    (2)  For the purposes of sub-paragraph (1)(a), the value of any goods or services supplied is the amount in money which at the time they were supplied could reasonably have been expected to be obtained for supplying the goods or services in the ordinary course of business and on the same terms (apart from the consideration) as those on which they were supplied to the company.")
 
     Page 16, line 8, at end insert--
 
    ("(4)  A disposal of the company's property to any person other than a person who is connected with the company shall not be avoided only on the ground that sub-paragraph (1)(a) was not satisfied, but any officer of the company who authorises or permitted the contravention, without reasonable excuse, is liable to indemnify the company for any loss or damage resulting from the disposal.")
 
     Page 17, line 44, leave out from ("arrangement") to ("modifications") in line 46 and insert ("(with or without") 
     Page 18, leave out lines 3 to 5 
     Page 18, line 15, leave out from ("arrangement") to ("has") in line 17 and insert ("(with or without modifications)") 
     Page 18, line 48, at end insert--
 
    ("(5)  The nominee may also apply to the court for directions in relation to any particular matter arising out of the moratorium.")
 
     Page 19, line 18, after ("in") insert ("and fund") 
     Page 20, line 17, leave out (", or authorised to act as nominee,") 
     Page 20, line 43, leave out from ("a) to ("that") in line 45 and insert ("moratorium may be extended (or further extended), with or without conditions, if a meeting summoned under paragraph 27 resolves that it be adjourned (or further adjourned) and resolves") 
     Page 21, line 25, leave out (", or authorised to act as nominee,") 
     Page 21, leave out lines 45 to 48 and insert--
 
    ("(1)  A committee shall be established if, with the consent of the nominee, a meeting summoned under paragraph 27 resolves that the moratorium be extended (or further extended) and resolves that such a committee be established; and such a committee may exercise the functions conferred on it by the meeting.")
 
     Page 22, line 23, at end insert ("but must be made within seven days of the decision taken by the creditors' meeting") 
     Page 22, leave out line 36 and insert--
          ("(ii)  could have been so entitled (but was not present or represented at it) but did not have notice of it,")
 
     Page 23, line 21, leave out ("would") and insert ("could") 
     Page 23, line 22, leave out ("if he had had") and insert ("but did not have") 
     Page 24, line 1, after ("and") insert ("may") 
     Page 24, line 3, leave out ("30") insert ("34") 
     Page 24, line 46, leave out (", or authorised to act as supervisor,") 
     Page 25, line 45, leave out ("(c), (d) and (e)") and insert ("(a) to (f)") 
     Page 26, line 2, leave out ("(c), (d) and (e)") and insert ("(a) to (f)") 
     Page 26, line 5, leave out ("to the value of £500 or more,") 
     Page 26, line 7, leave out ("to the value of £500 or more") 
     Page 26, leave out lines 42 and 43 
     Page 27, line 5, after ("charge") insert (", or any instrument creating an obligation secured or to be secured by a floating charge,") 
     Page 27, line 11, at end insert (", or has that effect") 
     Page 27, leave out lines 29 to 37 
     Page 28, leave out lines 15 to 17 
  
Schedule 2
 
  
BY THE BARONESS BUSCOMBE
 
     Page 29, line 53, leave out paragraph 2 
     Page 30, line 5, after ("arrangement") insert ("(with or without modification)") 
     Page 30, line 17, leave out (",  or authorised to act as nominee,") 
     Page 30, line 19, leave out paragraph 4 
     Page 30, line 33, at end insert--
        ("(  )  An application under subsection (3) must be made within seven days of the decision taken by the creditors' meeting.")
 
     Page 30, leave out lines 47 and 48 and insert--
          ("(ii)  could have been entitled to vote at the meeting (but was not present or represented at it) but did not have notice of it,")
 
     Page 31, line 12, leave out ("would'') and insert ("could'') 
     Page 31, line 13, leave out ("if he had had'') and insert ("but did not have'') 
     Page 32, line 7, leave out paragraph (c) 
     Page 32, line 48, after ("answer") insert ("or obtained by examination of that person under section 133 or section 236 of this Act") 
     Page 32, line 49, leave out ("it") and insert ("such evidence") 
     Page 32, line 50, leave out ("it") and insert ("the evidence referred to in paragraph (a)") 
     Page 32, line 51, leave out ("it") and insert ("the evidence referred to in paragraph (a)") 
  
Schedule 3
 
  
BY THE BARONESS BUSCOMBE
 
     Page 34, line 22, at end insert (", and--
    (b)  after "property" there is inserted "and no lease of the debtor may be forfeited"")
 
     Page 34, line 27, leave out (", or authorised to act as nominee,") 
     Page 34, line 39, after ("proposing") insert ("(with or without modifications)") 
     Page 35, line 5, leave out (", or authorised to act as nominee,") 
     Page 35, line 41, after ("proposing") insert ("(with or without modifications)") 
     Page 36, line 5, leave out (", or authorised to act as nominee,") 
     Page 36, line 14, leave out from ("(3),") to ("for") in line 16 
     Page 36, leave out line 22 and insert--
          ("(ii) could have been so entitled (but was not present or represented at it) but did not have notice of it,")
 
     Page 36, leave out line 36 and insert--
          ("(ii) could have been so entitled but did not have")
 
     Page 37, line 42, leave out paragraph (b) 
 
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Prepared 15 May 2000