HL Deb 23 October 1985 vol 467 cc1149-51

86 Leave out Clause 27.

88 Leave out Clause 29.

89 Before Clause 30, insert the following new clause:

Committee of creditors

'—(1) Where a meeting of creditors summoned under section 25 above has approved the administrator's proposals (with or without modifications), the meeting may, if it thinks fit, establish a committee to exercise the functions conferred on it by or under this Part. (2) If such a committee is established, the committee may, on giving not less than seven days' notice, require the administrator to attend before it at any reasonable time and furnish it with such information relating to the carrying out of his functions as it may reasonably require.'

90 Clause 30, page 22, line 27, leave out 'or was.

91 Page 22, line 33, leave out from 'On' to 'make' in line 34 and insert 'an application for an order under this section the court may, subject to subsection (2A) below.'

92 Page 22, leave out lines 38 and 39 and insert: '(2A) An order under this section shall not prejudice or prevent:

  1. (a) the implementation of any composition or scheme approved under section (Decisions of meetings) above or any compromise or arrangement sanctioned under section 425 of the 1985 Act: or
  2. (b) where the application for the order was made more than twenty-eight days after the approval of any proposals or revised proposals under section 26 or 28 above, the implementation of those proposals or revised proposals.
(3) Subject to subsection (2A) above, an order under this section may in particular'.

93 Page 23, line 9, leave out from 'shall' to end of line 10 and insert (", within fourteen days after the making of the order effecting the discharge, send an office copy of that order to the registrar of companies. (5) If the administrator without reasonable excuse fails to comply with subsection (4) above, he shall be liable on summary conviction to a fine not exceeding one-fifth of the statutory maximum, and for continued contravention, to a fine not exceeding one-fiftieth of the statutory maximum.'

94 Leave out Clause 31.

95 Before Clause 32, insert the following new clause:

>'Preliminary

(1) This Chapter does not apply to receivers appointed under section 467 of the 1985 Act (power to appoint receivers under law of Scotland).z (2) In this Chapter "administrative receiver" means—

  1. (a) a receiver or manager of the whole (or substantially the whole) of a company's property appointed by or on behalf of the holders of any debentures of the company secured by a charge which, as created, was a floating charge, or by such a charge and one or more other securities; or
  2. (b) a person who would be such a receiver or manager but for the appointment of some other person as the receiver of part of the company's property.'.

97 Clause 33, page 24, line 36, after ("invalid") insert '(whether by virtue of the invalidity of the instrument or otherwise)'.

98 Page 24, line 37, after 'whom' insert 'or on whose behalf.

99 Clause 34, page 25, line 8, after 'company' insert '—(a)'.

100 Page 25, line 9, at end insert 'and

  1. (b) references to the property of the company shall be construed as references to the property of which he is or, but for the appointment of some other person as the receiver of part of the company's property, would be the receiver or manager.'.

102 Leave out Clause 35.

106 Clause 37, page 26, line 8, leave out 'The' and insert 'An'.

107 Page 26, line 13, leave out 'The' and insert 'An'.

110 Clause 38, page 26, line 26, leave out subsection (2).

111 Page 26, line 33, leave out 'does' and insert 'and section (Statement of affairs to be submitted to administrative receiver) below do'.

112 Page 26, line 38, leave out 'it applies' and insert 'they apply'.

113 Page 26, line 39, leave out 'it has' and insert 'they have'.

114 Page 26, line 40, after 'section', insert 'and section (Statement of affairs to be submitted to administrative receiver) below'.

115 Page 27, line 2, leave out '39' and insert '(Statement of affairs to be submitted to administrative receiver)'.

116 Page 27, line 5, leave out 'a person' and insert 'the administrative receiver'.

118 Leave out Clause 39.

119 Clause 40, page 28, line 12, at end insert 'so far as he is aware of them'.

120 Page 29, line 12, leave out '38' and insert '(Statement of affairs to be submitted to administrative receiver)'.

122 Page 29, line 17, leave out subsection (7).

123 Clause 41, page 29, line 26, leave out 'at any time' and insert 'on giving not less than seven days' notice'.

124 Page 29, line 27, after first 'it' insert 'at any reasonable time'.

125 Clause 43, page 30, line 16, at end insert— (aa) in paragraph (c) of subsection (1), after the word "to" there shall be inserted the words "raise or".'.

126 Page 30, line 17, leave out 'subsection (1)' and insert 'that subsection'.

127 Page 30, line 43, at end insert— '(ee) after paragraph (r) there shall be inserted the following paragraph— (rr) power to change the situation of the company's registered office;";'.