HL Deb 29 November 2000 vol 619 cc1355-7

19 Schedule 1, page 28, line 30, at end insert—

("Functions of the Financial Services Authority

43A.—(1) This Schedule has effect in relation to a moratorium for a regulated company with the modifications in sub-paragraphs (2) to (16) below.

(2) Any notice or other document required by virtue of this Schedule to be sent to a creditor of a regulated company must also be sent to the Authority.

(3) The Authority is entitled to be heard on any application to the court for leave under paragraph 20(2) or 20(3) (disposal of charged property, etc.).

(4) Where paragraph 26(1) (challenge of nominee's actions, etc.) applies, the persons who may apply to the court include the Authority.

(5) If a person other than the Authority applies to the court under that paragraph, the Authority is entitled to be heard on the application.

(6) Where paragraph 27(1) (challenge of nominee's actions, etc.) applies, the persons who may apply to the court include the Authority.

(7) If a person other than the Authority applies to the court under that paragraph, the Authority is entitled to be heard on the application.

(8) The persons to be summoned to a creditors' meeting under paragraph 29 include the Authority.

(9) A person appointed for the purpose by the Authority is entitled to attend and participate in (but not to vote at)—

  1. (a) any creditors' meeting summoned under that paragraph,
  2. (b) any meeting of a committee established under paragraph 35 (moratorium committee).

(10) The Authority is entitled to be heard on any application under paragraph 36(3) (effectiveness of decisions).

(11) Where paragraph 38(1) (challenge of decisions) applies, the persons who may apply to the court include the Authority.

(12) If a person other than the Authority applies to the court under that paragraph, the Authority is entitled to be heard on the application.

(13) Where paragraph 39(3) (implementation of voluntary arrangment) applies, the persons who may apply to the court include the Authority.

(14) If a person other than the Authority applies to the court under that paragraph, the Authority is entitled to be heard on the application.

(15) Where paragraph 40(2) (challenge of directors' actions) applies, the persons who may apply to the court include the Authority.

(16) If a person other than the Authority applies to the court under that paragraph, the Authority is entitled to be heard on the application.

(17) This paragraph does not prejudice any right the Authority has (apart from this paragraph) as a creditor of a regulated company.

(18) In this paragraph— the Authority" means the Financial Services Authority, and regulated company" means a company which—

  1. (a) is, or has been, an authorised person within the meaning given by section 31 of the Financial Services and Markets Act 2000,
  2. (b) is, or has been, an appointed representative within the meaning given by section 39 of that Act, or
  3. (c) is carrying on, or has carried on, a regulated activity, within the meaning given by section 22 of that Act, in contravention of the general prohibition within the meaning given by section 19 of that Act.")

20 Schedule 2, page 32, line 9, at end insert— ("() An application under subsection (3) shall not be made after the end of the period of 28 days beginning with—

  1. (a) the day on which the decision was taken by the creditors' meeting, or
  2. (b) where the decision of the company meeting was taken on a later day, that day.")

21 Page 32, line 9, at end insert— ("() Where a member of a regulated company, within the meaning given by paragraph 43A of Schedule Al, applies to the court under subsection (3), the Financial Services Authority is entitled to be heard on the application.")

22 Schedule 3, page 36, line 4, after ("court)") insert— ("(a) in subsection (2)(a), after "with," there is inserted— (aa) no landlord or other person to whom rent is payable may exercise any right of forfeiture by peaceable re-entry in relation to premises let to the debtor in respect of a failure by the debtor to comply with any term or condition of his tenancy of such premises, except with the leave of the court, (b)")

23 Page 36, line 13, at end insert— (" . In section 254 (effect of application), in subsection (1) —

  1. (a) after "pending" there is inserted—
    1. "(a) no landlord or other person to whom rent is payable may exercise any right of forfeiture by peaceable re-entry in relation to premises let to the debtor in respect of a failure by the debtor to comply with any term or condition of his tenancy of such premises, except with the leave of the court, and
    2. (b)"
  2. (b) after "may" there is inserted—
"forbid the levying of any distress on the debtor's property or its subsequent sale, or both, and"").

24 Page 39, line 21, at end insert— (" . In section 347 (distress, etc.) —

  1. (a) in subsection (1), after "(subject to" there is inserted "sections 252(2)(b) and 254(1) above and",
  2. (b) in subsection (8), at the beginning there is inserted "Subject to sections 252(2)(b) and 254(1) above."")

Lord McIntosh of Haringey

My Lords, I beg to move that the House do agree with the Commons in their Amendments Nos. 19 to 24.

Moved, That the House do agree with the Commons in their Amendments Nos. 19 to 24—(Lord McIntosh of Haringey.)

On Question, Motion agreed to.