§ [No. 35]
Clause 31, page 27, line 4, at end insert—
(7) Notwithstanding section 245(1) of the Companies Act 1948 (which requires a liquidator to obtain the sanction of the court or committee of inspection for the bringing of legal proceedings in the name of and on behalf of the company) the liquidator may without any such sanction make an application in the name of and on behalf of the company under section 26 above.
§ THE EARL OF LIMERICK
My Lords, I beg to move that this House doth agree with the Commons in their Amendment No. 35. Clause 31(2) contemplates that in most cases where an insurance company is wound up the liquidator will apply to the court for an Order under the provisions of Clause 26 for the transfer of any long-term business to another body. For this purpose the liquidator would, under Section 245(1)(a) of the Companies Act 1948, require the preliminary consent either of the court or 1582 of the committee of inspection. This is considered unnecessary in this context, and the proposed Amendment therefore makes it possible for a liquidator to make an application under Clause 26 without such preliminary consent. I beg to move.
§ Moved, That this House doth agree with the Commons in the said Amendment.—(The Earl of Limerick.)