§ Clause 7, page 9, line 10, leave out ("shall") and insert ("may").
§ Clause 7, page 9, line 13. leave out ("the value of security") and insert ("a security is valued and the value").
§ Clause 7, page 9, line 19, leave out from the second ("realised") to the first ("the") in line 20.
§ Clause 7, page 9, line 21. after ("adjustments") insert ("as may be necessary").
§ Clause page 10, leave out lines 1 and 2 and insert ("value of the mortgaged property at the date of the order").
§ Clause 10, page 12, line 7, at end insert ("and, in particular, where a liabilities adjustment order reduces the rent of any premises or the rate of mortgage interest payable in respect of any mortgaged property, an application for the variation of the order may be made on the ground that the lettable value of the premises or, as the case may be, the net annual value of the mortgaged property has altered since the date of the order.")
§ Clause 12, page 13, line 16, after ("possession") insert ("by virtue of the exercise of the powers of the Court")
§ Clause 12, page 13, line 17, after the first ("or") insert ("subject to a")
§ Clause 12, page 13, line 18, leave out from the first ("contract") to ("in") in. line 19, and insert ("the repayment or performance of which is provided for")
346§ Clause 13, page 13, line 37, leave out ("if it") and insert ("Provided that, if the Court")
§ Clause 13, page 13, line 39, after ("to") insert ("persons other than")
§ Clause 13, page 13,line 39, at end insert ("it shall discontinue the proceedings")
§ Clause 13, page 13,line 42, leave out ("of")
§ Clause 13, page 14, line 42, leave out ("exercises its powers under") and insert ("continue the liabilities adjustment proceedings, to subsection (1) of")
§ Clause 14, page 16, line 14, after ("their") insert ("accrued")
§ Clause 14, page 16, line 14, leave out ("and") and insert ("or will be unable, after payment of their accrued debts (if any)")
§ Clause 14, page 16, line 17, after ("their") insert ("accrued")
§ Clause 14, page 16, line 18, leave out from ("would") to ("or") in line 20 and insert ("have no reasonable prospect of preserving or recovering the business of the firm")
§ Clause 16, page 18, line 31, leave out ("publication") and insert ("giving")
§ THE LORD CHANCELLORMy Lords, next comes Clause 7 and in that clause there is an alteration which has been made in another place and which I invite you to accept. It perhaps calls for a single word of explanation. Clause 7 appears on page 9 of the Bill. As the Bill left this House it contained in Clause 7, subsection 1 (c) a requirement that if a secured creditor did not either realise or surrender his security he shall cause it to be valued and, if the value is less than the amount secured, he may prove for the balance. On consideration, it has been felt that this as it stood would be unduly harsh on the creditor. He may not wish to value, he may wish to stand on his security for what it may turn out to be worth, and there seems no reason why he should not be allowed to do so if he wishes. If you compel him to value he may put a value on the security which may be less than the amount ultimately realised. That would be unfair on him. The modification proposed is to leave out "shall" and insert "may" and make a number of other consequential provisions which follow. That is the proposal in connection with Clause 7. I do not think I need pause to explain the provisions in Clause 10, or Clause 12, or Clause 13, or Clause 14, or Clause 16. I will move that the Amendments on the Paper in Clauses 7 to 16 be agreed to.
§ Moved, That this House doth agree with the Commons in the said Amendments.—(The Lord Chancellor.)
§ On Question, Motion agreed to.