HC Deb 16 September 1914 vol 66 cc963-4

Where it appears to the Board of Trade in reference to any firm or company—

  1. (a) that an offence under this Act has been or is likely to be committed in connection with the trade or business thereof; or
  2. (b) that the control or management thereof has been or is likely to be so affected by the state of war as to prejudice the effective continuance of its trade or business and that it is in the public interest that the trade or business should continue to be carried on;
the Board of Trade may apply to the High Court for the appointment of a controller of the firm or company, and the High Court shall have power to appoint such a controller, for such time and subject to such conditions and with such powers as the Court thinks fit, and the powers so conferred shall be either those of a receiver and manager or those powers subject to such modifications, restrictions, or extensions as the Court thinks fit (including, if the Court considers it necessary or expedient for enabling the controller to borrow money, power, after a special application to the Court for that purpose, to create charges on the property of the firm or company in priority to existing charges).

Lords Amendment: At end of Clause 3 add the words,

"The Court shall have power to direct how and by whom the costs of any proceedings under this Section and the remuneration charges and expenses of the controller shall be borne, and shall have power, if it thinks fit, to charge such costs, charges and expenses on the property of the firm or company in such order of priority in relation to any existing charges thereto as it thinks fit."

Question, "That this House doth agree with the Lords in the said Amendment," put, and agreed to.—[Sir J. Simon.]