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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 Marshalled List of Amendments to the Insolvency Bill [H.L.] to be moved in Grand Committee in the House of Lords.

     The amendments have been marshalled in accordance with the instruction of 13th June 2000, as follows-- 
 Clause 1
Schedule 1
Clause 2
Schedule 2
Clause 3
Schedule 3
Clauses 4 to 8
Schedule 4
Clauses 9 to 17
Schedule 5
 
 [Amendments marked * are new or have been altered] 
Amendment
No.
 
  
Schedule 1
 
  
BY THE LORD McINTOSH OF HARINGEY
 
1     Page 10, line 5, leave out ("Part I of") 
2     Page 10, line 8, leave out ("apply for") and insert ("take steps to obtain") 
3     Page 10, line 20, leave out ("apply for") and insert ("take steps to obtain") 
4     Page 12, line 4, leave out ("propose to apply for") and insert ("wish to obtain") 
  
BY THE LORD KINGSLAND
THE BARONESS BUSCOMBE
 
5     Page 12, line 16, after ("arrangement") insert ("(with or without modifications)") 
6     Page 12, line 39, after ("arrangement") insert ("(with or without modifications)") 
7     Page 13, line 12, leave out ("either of those meetings") insert ("the meeting of the creditors") 
8     Page 13, line 37, leave out ("petitioning'') 
9     Page 13, leave out lines 39 to 41 
10     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") 
11     Page 14, line 11, leave out from ("requisitioned") to end of line 14 
12     Page 14, leave out line 19 
13     Page 14, line 22, leave out from ("agreement,") to ("and") in line 24 
14     Page 14, line 27, after ("property") insert ("and no lease of the company may be forfeited") 
15     Page 14, line 27, leave out from ("property") to end of line 28 
16     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.")
 
  
BY THE LORD McINTOSH OF HARINGEY
 
17     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.")
 
  
BY THE LORD KINGSLAND
THE BARONESS BUSCOMBE
 
18     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.")
 
  
BY THE LORD SHARMAN
THE LORD RAZZALL
 
19*     Page 14, line 50, after ("time") insert ("in the opinion of the nominee") 
20*     Page 14, line 51, after ("that") insert ("the transaction giving rise to") 
21*     Page 15, line 31, at end insert--
    ("and for the purposes of this paragraph, "hire purchase agreement" shall not include conditional sale agreements, chattel leasing agreements or retention of title agreements")
 
  
BY THE LORD KINGSLAND
THE BARONESS BUSCOMBE
 
22     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.")
 
  
BY THE LORD SHARMAN
THE LORD RAZZALL
 
23*     Page 16, line 29, at end insert--
    ("and for the purposes of this paragraph, "hire purchase agreement" shall not include conditional sale agreements, chattel leasing agreements or retention of title agreements")
 
  
BY THE LORD KINGSLAND
THE BARONESS BUSCOMBE
 
24     Page 17, line 44, leave out from ("arrangement") to ("modifications") in line 46 and insert ("(with or without") 
25     Page 18, leave out lines 3 to 5 
  
BY THE LORD SHARMAN
THE LORD RAZZALL
 
26*     Page 18, line 12, leave out ("must") and insert ("may") 
27*     Page 18, line 14, after ("the") insert ("reasonable") 
  
BY THE LORD KINGSLAND
THE BARONESS BUSCOMBE
 
28     Page 18, line 15, leave out from ("arrangement") to ("has") in line 17 and insert ("(with or without modifications)") 
  
BY THE LORD SHARMAN
THE LORD RAZZALL
 
29*     Page 18, line 27, at end insert--
 
    ("(  )  The nominee may withdraw his consent to act, with leave of the court, at any time during a moratorium, if the court is satisfied that it is appropriate to do so, in all the circumstances.")
 
30*     Page 18, leave out lines 36 to 48 and insert-- 
 ("DIRECTIONS TO NOMINEe 
     24.  The nominee may apply to the court for directions in respect of any matter arising in connection with the performance by him of his functions.") 
  
BY THE LORD KINGSLAND
THE BARONESS BUSCOMBE
 
31     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.")
 
  
BY THE LORD SHARMAN
THE LORD RAZZALL
 
32*     Page 19, leave out lines 1 to 24 
  
BY THE LORD KINGSLAND
THE BARONESS BUSCOMBE
 
33     Page 19, line 18, after ("in") insert ("and fund") 
  
BY THE LORD SHARMAN
THE LORD RAZZALL
 
34*     Page 19, line 29, after ("died,") insert--
    ("(  )  on an application made by a creditor in a case where the nominee has failed to comply with any duty imposed on him under this Schedule,")
 
35*     Page 20, line 4, at end insert (", except that all creditors shall be entitled to attend and vote") 
  
BY THE LORD KINGSLAND
THE BARONESS BUSCOMBE
 
36     Page 20, line 17, leave out (", or authorised to act as nominee,") 
37     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") 
38     Page 21, line 25, leave out (", or authorised to act as nominee,") 
39     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.")
 
40     Page 22, line 23, at end insert ("but must be made within seven days of the decision taken by the creditors' meeting") 
41     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,")
 
  
BY THE LORD SHARMAN
THE LORD RAZZALL
 
42*     Page 22, line 37, at end insert--
 
    ("(2A)  Nothing in sub-paragraph (2) shall affect the rights of any creditor to bring legal proceedings against the company and to obtain judgement against the company in the full amount of its debt for the sole purpose of making a claim against an insurer by virtue of the Third Parties (Rights Against Insurers) Act 1930.")
 
  
BY THE LORD McINTOSH OF HARINGEY
 
43     Page 22, line 39, leave out ("dividend") and insert ("amount") 
44     Page 22, line 43, leave out from ("person") to end of line 44 and insert ("the amount payable under the arrangement") 
  
BY THE LORD KINGSLAND
THE BARONESS BUSCOMBE
 
45     Page 23, line 21, leave out ("would") and insert ("could") 
46     Page 23, line 22, leave out ("if he had had") and insert ("but did not have") 
47     Page 24, line 1, after ("and") insert ("may") 
48     Page 24, line 3, leave out ("30") and insert ("34") 
49     Page 24, line 46, leave out (", or authorised to act as supervisor,") 
  
BY THE LORD McINTOSH OF HARINGEY
 
50     Page 25, line 10, leave out ("by petition") 
51     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.")
 
  
BY THE LORD KINGSLAND
THE BARONESS BUSCOMBE
 
52     Page 25, line 45, leave out ("(c), (d) and (e)") and insert ("(a) to (f)") 
53     Page 26, line 2, leave out ("(c), (d) and (e)") and insert ("(a) to (f)") 
54     Page 26, line 5, leave out ("to the value of £500 or more,") 
55     Page 26, line 7, leave out ("to the value of £500 or more") 
56     Page 26, leave out lines 42 and 43 
57     Page 27, line 5, after ("charge") insert (", or any instrument creating an obligation secured or to be secured by a floating charge,") 
  
BY THE LORD McINTOSH OF HARINGEY
 
58     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") 
  
BY THE LORD KINGSLAND
THE BARONESS BUSCOMBE
 
59     Page 27, line 11, at end insert (", or has that effect") 
  
BY THE LORD McINTOSH OF HARINGEY
 
60     Page 27, line 24, after ("Regulations") insert ("(except regulations under paragraph 5)") 
61     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.")
 
  
BY THE LORD KINGSLAND
THE BARONESS BUSCOMBE
 
62     Page 27, leave out lines 29 to 37 
  
BY THE LORD SHARMAN
THE LORD RAZZALL
 
63*     Page 28, line 7, leave out ("of filing") and insert ("on which the arrangement takes effect") 
  
BY THE LORD KINGSLAND
THE BARONESS BUSCOMBE
 
64     Page 28, leave out lines 15 to 17 
  
BY THE LORD McINTOSH OF HARINGEY
 
65     Page 28, line 25, leave out ("17(3), 18(3)") and insert ("17(3)(a), 18(3)(a)") 
 
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Prepared 14 June 2000