§ Lord Mottistone
asked Her Majesty's Government:
When they intend to authorise a person under Section 245C of the Companies Act 1985, for the purpose of making applications to court under Section 245B in respect of accounts which it is alleged did not comply with the Act.
§ The Minister of State, Department of Trade and Industry (Lord Hesketh)
Last week my honourable friend the Minister for Corporate Affairs made an order authorising the Financial Reporting Review Panel Ltd., a subsidiary of the Financial Reporting Council Ltd., for this purpose. The authorisation takes effect from 1st February. The relevant provisions of the Act apply to accounts for financial years starting on or after 23rd December 1989. The review panel will be able to apply to the court for a declaration that a company's accounts did not comply with the Act, and for an order requiring the directors to prepare revised accounts.