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Session 1999-2000
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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 on Third Reading in the House of Lords.

  
Schedule 1
 
  
BY THE LORD McINTOSH OF HARINGEY
 
     Page 15, line 27, leave out from beginning to ("apply") and insert ("Paragraphs 16 to 22A") 
     Page 15, line 28, at end insert--
 
    ("(1A)  The fact that a company enters into a transaction in contravention of any of paragraphs 16 to 22 does not--
    (a)  make the transaction void, or
    (b)  make it to any extent unenforceable against the company.")
 
     Page 15, leave out lines 29 to 35 
     Page 16, line 31, at end insert ("otherwise than in pursuance of an order of the court") 
     Page 16, line 47, at end insert ("otherwise than in pursuance of an order of the court") 
     Page 18, leave out lines 6 and 7 and insert--
    ("(a)  without any consent or leave under paragraph 20, disposes of any of its property which is subject to a security otherwise than in accordance with the terms of the security,
    (aa)  without any consent or leave under paragraph 20, disposes of any goods in the possession of the company under a hire-purchase agreement otherwise than in accordance with the terms of the agreement, or")
 
     Page 18, line 12, at end insert-- 
 ("Market contracts, etc. 
     22A.--(1) If the company enters into any transaction to which this paragraph applies--
    (a)  the company is liable to a fine, and
    (b)  if any officer of the company, without reasonable excuse, authorised or permitted the company to enter into the transaction, he is liable to imprisonment or a fine, or both.
    (2)  A company enters into a transaction to which this paragraph applies if it--
    (a)  enters into a market contract,
    (b)  gives a transfer order,
    (c)  grants a market charge, or
    (d)  provides any collateral security.
    (3)  The fact that a company enters into a transaction in contravention of this paragraph does not--
    (a)  make the transaction void, or
    (b)  make it to any extent unenforceable by or against the company.
    (4)  Where during the moratorium a company enters into a transaction to which this paragraph applies, nothing done by or in pursuance of the transaction is to be treated as done in contravention of paragraphs 12(1)(f), 14 or 16 to 22.
 
    (5)  Paragraph 20 does not apply in relation to any property which is subject to a market charge or a collateral security charge.
 
    (6)  In this paragraph, "transfer order", "collateral security" and "collateral security charge" have the same meanings as in the settlement finality regulations.")
 
     Page 29, line 17, leave out ("and 22(1)") and insert ("22(1) and 22A(1)(a)") 
     Page 30, line 14, at end insert--
("Sch. A1, para. 22A(1)(a). Company entering into market contract, etc.
1.  On indictment.
2.  Summary.
A fine.
The statutory maximum.
Sch. A1, para. 22A(1)(b).
Authorising or permitting company to do so.
1.  On indictment.
2.  Summary.
2 years or a fine, or both.
6 months or the statutory maximum, or both.")
 
  
 
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