House of Lords portcullis
House of Lords
Session 1999-2000
Publications on the internet
Other Bills before Parliament
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 Grand Committee in the House of Lords.

  
Schedule 1
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 10, line 5, leave out ("Part I of") 
     Page 10, line 8, leave out ("apply for") and insert ("take steps to obtain") 
     Page 10, line 20, leave out ("apply for") and insert ("take steps to obtain") 
     Page 12, line 4, leave out ("propose to apply for") and insert ("wish to obtain") 
     Page 14, line 48, at end insert--
 
    ("  .--(1)  This paragraph applies where there is an uncrystallised floating charge on the property of a company for which a moratorium is in force.
 
    (2)  If the conditions for the holder of the charge to give a notice having the effect mentioned in sub-paragraph (4) are met at any time, the notice may not be given at that time but may instead be given as soon as practicable after the moratorium has come to an end.
 
    (3)  If any other event occurs at any time which (apart from this sub-paragraph) would have the effect mentioned in sub-paragraph (4), then--
    (a)  the event shall not have the effect in question at that time, but
    (b)  if notice of the event is given to the company by the holder of the charge as soon as is practicable after the moratorium has come to an end, the event is to be treated as if it had occurred when the notice was given.
    (4)  The effect referred to in sub-paragraphs (2) and (3) is--
    (a)  causing the crystallisation of the floating charge, or
    (b)  causing the imposition, by virtue of provision in the instrument creating the charge, of any restriction on the disposal of any property of the company.
    (5)  Application may not be made for leave under paragraph 12(1)(f) or (g) with a view to obtaining--
    (a)  the crystallisation of the floating charge, or
    (b)  the imposition, by virtue of provision in the instrument creating the charge, of any restriction on the disposal of any property of the company.")
 
     Page 22, line 39, leave out ("dividend") and insert ("amount") 
     Page 22, line 43, leave out from ("person") to end of line 44 and insert ("the amount payable under the arrangement") 
     Page 25, line 10, leave out ("by petition") 
     Page 25, line 35, at end insert--
 
    ("(  )  In making an order under this paragraph the court shall have regard to the need to safeguard the interests of persons who have dealt with the company in good faith and for value.
 
    (  )  In relation to any time when an administration order is in force in relation to the company, or the company is being wound up, in pursuance of a petition presented before the moratorium came into force, 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) liquidator.")
 
     Page 27, line 10, after ("crystallise") insert ("or causing restrictions which would not otherwise apply to be imposed on the disposal of property by the company") 
     Page 27, line 24, after ("Regulations") insert ("(except regulations under paragraph 5)") 
     Page 27, line 26, at end insert--
 
    ("(  )  Regulations under paragraph 5 of this Schedule are to be made by statutory instrument and shall only be made if a draft containing the regulations has been laid before and approved by resolution of each House of Parliament.")
 
     Page 28, line 25, leave out ("17(3), 18(3)") and insert ("17(3)(a), 18(3)(a)") 
  
Schedule 2
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 31, line 2, leave out ("dividend") and insert ("amount") 
     Page 31, line 6, leave out from ("person") to end of line 7 and insert ("the amount payable under the arrangement".") 
  
Schedule 3
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 36, line 25, leave out ("dividend") and insert ("amount") 
     Page 36, line 29, leave out from ("person") to end of line 30 and insert ("the amount payable under the arrangement."") 
  
 
House of Lords home page Parliament home page House of Commons home page search page enquiries index

© Parliamentary copyright 2000
Prepared 9 June 2000