§ Mr. Jacques Arnold
To ask the Secretary of State for Trade and Industry when he intends 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.
§ Mr. Redwood
Last week I 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 1 February. The relevant provisions of the Act apply to accounts for financial years starting on or after 23 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.