Clause 98 — Liquidation committee: supplemental

Employment Opportunities – in the House of Commons at 8:30 pm on 10th February 2009.

Alert me about debates like this

Photo of Alan Haselhurst Alan Haselhurst Deputy Speaker and Chairman of Ways and Means

With this it will be convenient to take Lords amendments 62 to 69.

Watch this

Photo of Ian Pearson Ian Pearson Parliamentary Under-Secretary (Economic and Business), Department for Business, Enterprise & Regulatory Reform, Economic Secretary (Economic and Business), HM Treasury

The amendments introduce minor and technical modifications to the bank insolvency and bank administration procedures. The need for them was either identified during the drafting of secondary legislation or suggested by stakeholders. For the most part, they either apply further existing provisions of the Insolvency Act 1986 to the new insolvency procedures or provide for necessary modifications.

Given the nature of the amendments, I do not intend to go into great detail. I should mention, however, that Lords amendments 61 to 64, 68 and 69 make minor changes in technical areas such as the formation of a liquidation committee, the removal of a provisional bank liquidator or administrator, and the process of disclaiming onerous property. Lords amendment 67 is a minor consequential amendment to the bank administration procedure to include a reference to reverse property transfers. Lords amendments 65 and 66 modify the application of certain provisions of the Insolvency Act 1986 which are relevant to Scotland, to ensure consistency with the way in which corresponding provisions in England and Wales have been modified in their application to the bank insolvency procedure.

The amendments improve the effectiveness of the new insolvency procedures introduced in parts 2 and 3 of the Bill. They were welcomed in the other place, and I commend them to the House.

Lords amendment 61 agreed to.

Lords amendments 62 to 71 agreed to.

Watch this