HL Deb 23 October 1985 vol 467 c1189

68A Line 6, leave out ("vacates") and insert ("has vacated").

68B Line 7, leave out ("vacates") and insert ("has vacated").

68C Line 13, after ("and") insert (", subject to subsection (2) above,").

68D Line 14, leave out ("is") and insert ("was").

68E Line 16, at end insert— ("(3 A) Neither an administrative receiver of a company who vacates office under subsection (1)(6) above nor a receiver of part of a company's property who vacates office under subsection (1 A) above shall be required on or after so vacating office to take any steps for the purpose of complying with any duty imposed on him by section 196 or 475 of the 1985 Act (duty to pay preferential creditors).")

Lord Cameron of Lochbroom

My Lords, I beg to move that this House do agree with the Commons in their Amendment No. 68, as amended by Amendments Nos. 68A, 68B, 68C, 68D and 68E. With the leave of the House, I would also speak to Amendments Nos. 78. 78A and 78B.

78 Clause 22, page 17. line 31, at end insert— (2A) Where at any time a person ceases to be the administrator of a company—

  1. (a) his remuneration and any expenses properly incurred by him shall be charged on and paid out of any property of the company which is in his custody or under his control at that time in priority to any security to which section (Power to deal with charged property etc.) (1) above then applies; and
  2. (b) any sums payable in respect of debts or liabilities incurred while he was administrator under contracts entered into or contracts of employment adopted by him or a predecessor of his in the carrying out of his or the predecessor's functions shall be charged on and paid out of any such property as is mentioned in paragraph (a) above in priority to any charge arising under that paragraph;
and for the purposes of paragraph (b) above the administrator is not to be taken to have adopted a contract of employment by reason of anything done or omitted to be done within fourteen days after his appointment.'