HL Deb 23 October 1985 vol 467 cc1151-3

135 Page 32, line 7, leave out 'does' and insert 'and section 482 do'.

136 Page 32, line 11, leave out 'it applies' and insert 'they apply'.

137 Page 32, line 12, leave out 'it has' and insert 'they have'.

138 Page 32, line 13, after 'section' insert 'and section 482'.

140 Clause 48, page 33, line 41, at end insert 'so far as he is aware of them'.

141 Page 35, line 3, leave out '481' and insert '482'.

143 Page 35, line 10, leave out 'whose debt is secured on assets' and insert 'who holds in respect of his debt a security over property'.

144 Clause 49, page 35, line 20, leave out 'at any time' and insert 'on giving not less than 7 days' notice'.

145 Page 35, line 21, after first 'it' insert 'at any reasonable time'.

200 Clause 72, page 54, line 39, leave out 'under (and, in Scotland' and insert 'secured by, or'.

222 Clause 87, page 70, line 30, leave out subsection (5).

227 Clause 91, page 72, line 25, leave out 'and managers in England and Wales' and insert 'or managers'.

228 Page 73, leave out lines 4 to 17 and insert—

  1. (a) an administrative receiver within the meaning of Chapter III of this Part; or
  2. (b) '.

229 Page73,line 19, at end insert 'in a case where the whole (or substantially the whole) of the company's property is attached by the floating charge'.

231 Page 73, line 22, at end insert— ' "floating charge" means a charge which, as created, was a floating charge;'.

233 Page 73, line 25, at end insert— ' "office copy", in relation to Scotland, means a copy certified by the clerk of court;'.

234 Page 73, line 29, at end insert— ' "receiver", in the expression "receiver or manager", does not include a receiver appointed under section 467 of the 1985 Act;'.

235 Page 73, line 38, at end insert— ' "secured creditor", in relation to a company, means a creditor of the company who holds in respect of his debt a security over property of the company, and "unsecured creditor" shall be construed accordingly.

237 Page 73, line 39, leave out subsection (4).

377 Clause 191, page 152, line 11, leave out 'that is being wound up' and insert 'which is being wound up or in relation to which an administration order is in force'.

378 Page 152, line 13, after 'liquidator' insert 'or administrator'.

403 Clause 211, page 165, line 10, at end insert— '() section (Power to dispose of charged property, etc.);'.

404 Page 165, leave out lines 11 and 12.

408 Page 165, leave out lines 22 and 23.

416 Schedule 2, page 167, line 40, after 'to', insert 'raise or'.

417 Page 168, line 36, at end insert— '21A. Power to change the situation of the company's registered office'.

430 Schedule 4, page 173, line 32, leave out '27' and insert '(Committee of creditors)'.

434 Page 174, line 21, at end insert— '14A. Provision as to the fees, costs, charges and other expenses that may be treated as properly incurred by the administrator or administrative receiver of a company. 14B. Provision as to the fees, costs, charges and other expenses that may be incurred for any of the purposes of Chapter IA of Part II of this Act or in the administration of any composition or scheme approved under that Chapter.'.

443 Page 175, line 10, leave out '23(2), 24, 38(2), 39' and insert (Statement of affairs to be submitted to administrator), (Statement of affairs to be submitted to administrative receiver)'.

447 Schedule 5, page 176, line 20, leave out paragraph 9 and

insert— '9. In section 425(1) (power of company to compromise with creditors and members), for the words ", of the liquidator" there shall be substituted the words "or an administration order being in force in relation to a company, of the liquidator or administrator". 9A. In section 426(6) (liability of officer or liquidator of company for default in connection with the circulation of information as to a compromise), after the word "liquidator" there shall be inserted the words "or administrator". 9B. In section 478(6) (receiver to be appointed within one month of cessation of appointment of earlier receiver), at the end there shall be inserted the words— and for the purposes of calculating the period of one month under this subsection no account shall be taken of any period during which an administration order under Part II of the Insolvency Act 1985 is in force".'.

448 Page 176, line 39, at end insert— '(1A) In subsection (1), after the words "secured by" there shall be inserted the words "a charge which, as created, was".'.

449 Page 177, line 13, leave out 'For subsection (1) of and insert '(1)'.

450 Page 177, line 14, after 'court)' insert 'shall be amended as follows. (2) For subsection (1)'.

453* Page 178, line 10, at end insert— ("16A.—(1) Section 476(1) (distribution of monies) shall be amended as follows. (2) After the words "categories of persons" there shall be inserted the words "(which rights shall, except to the extent otherwise provided in any instrument, have the following order of priority)". (3) In paragraph (d), after the word "remuneration" there shall be inserted the words "and any indemnity to which the receiver is entitled out of the property of the company.".".).

454 Page 178, line 12, at end insert— '(1A) After the entry relating to section 470(3) there shall be inserted the following entry—

"477(2E) Failing to send to registrar of companies a certified copy of authorisation to dispose of certain property. Summary One-fifth of the statutory maximum. One-fiftieth of the statutory maximum.".'.

455 Page 178, leave out lines 15 and 16 and insert— '(3) For the entry relating to section 482(5) there shall be substituted the following entry—

"482(6) Failure to comply with obligation to submit statement of affairs to receiver. 1. On indictment A fine.
2. Summary The statutory maximum One-tenth of the statutory maximum.".'.

501 Schedule 7, page 187, line 45, leave out from 'adjudged" ' to end of line 47.

514 Page 192, line 20, leave out from second 'or" ' to end of line 22.

If your Lordships require it I shall be pleased to explain any of these amendments in more detail, but I propose really to deal with the five amendments Nos. 64, 70, 85, 127 and 134, which are also minor drafting amendments. Amendment No. 64 was intended to translate into Scottish legal terminology what is meant by the reference in Clauses 15 and 16 to execution being commenced or continued and to distress being levied. The translation however goes further than intended and the proposed amendment to it ensures that it has a similar effect as in England and Wales.

Amendment No. 70 will enable a company or the directors themselves, as well as the continuing administrator, the committee of creditors or creditors of the company, to apply to the court for an order to fill a vacancy in the office of administrator. The amendments to Commons Amendments Nos. 85, 127 and 134 are all minor drafting amendments. I beg to move.

Moved, That this House do agree with the Commons in their Amendment No. 47.—(Lord Lucas of Chilworth.)

Lord Bruce of Donington

My Lords, one thing is clear from the noble Lord's remarks, and that is that he is very numerate. I have not had the opportunity of checking through these consequential and other minor amendments in detail, for reasons that the noble Lord will appreciate. I entirely trust the noble Lord in this matter and would support him.

On Question, Motion agreed to.