HL Deb 29 November 2000 vol 619 cc1353-4

12 Schedule 1, page 13, line 14, after second ("the") insert ("day on which those meetings were to be held (or, if those meetings were summoned to be held on different days, the later of those days), unless it is extended under paragraph 32.

() If the nominee fails to summon either meeting within the period required by paragraph 29(1), the moratorium ends at the end of the")

Lord McIntosh of Haringey

My Lords, I beg to move that the House do agree with the Commons in their Amendment No. 12. I wish to speak also to Amendment No. 17. The amendments deal with an issue raised by the noble Baroness, Lady Buscombe, in Grand Committee on 15th June, on Report on 11th July and, I regret to say, also at Third Reading on 26th July. The noble Baroness was right to continue. The amendments will ensure that the wishes of the creditors' meeting to extend a moratorium will prevail in a situation where the company fails to hold a meeting. They also make it an express part of the nominee's duty to summon meetings of the company and its creditors to be held within the initial moratorium period. The moratorium will end at the end of that period if he does not. Currently, that period is 28 days but because it may be increased or reduced using the power in paragraph 8(7), the amendment does not specifically refer to the length of the moratorium period. I thank the noble Baroness, Lady Buscombe, for drawing this point to our attention. I urge the House to accept the amendment.

Moved, That the House do agree with the Commons in their Amendment No. 12.—(Lord McIntosh of Haringey.)

Baroness Buscombe

My Lords, I rise to speak to Amendment No. 12. I shall somewhat shorten my speech given that the Minister has been so gracious in saying that I was right to continue pressing the point. As he said, I began making the point in Grand Committee on 15th June. The amendment represents a complete U-turn by the Government. It has the desired effect that if the members of the company do not meet, the moratorium can still be extended by the creditors under paragraph 32. The government amendment meets all the criticisms which I made in Grand Committee and which were dismissed at that time. I am grateful for the amendment and I thank the Minister for it.

Lord McIntosh of Haringey

My Lords, I shall let the "U-turn" pass.

On Question, Motion agreed to.