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Amendment 15

Corporate Insolvency and Governance Bill - Report (and remaining stages) – in the House of Lords at 5:02 pm on 23rd June 2020.

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Votes in this debate

Lord Fox:

Moved by Lord Fox

15: Clause 1, page 19, line 7, at end insert—“( ) However, the court may not give permission for the disposal of any property or asset under subsection (1) which has been pledged to the company’s defined benefit pension scheme unless the Pension Protection Fund has given prior permission for its disposal.”

Photo of Lord Fox Lord Fox Liberal Democrat Lords Spokesperson (Business, Energy and Industrial Strategy)

My Lords, we heard what the Minister had to say, and I and others have already spoken at length on this amendment. The principle is that a deal is a deal: the pensioners were granted those assets and the idea that that can retrospectively be prised from the deferred salaries and wages of workers is such that I do not think the Bill should leave this House without it being tested. I therefore wish to test the will of the House.

Ayes 136, Noes 220.

Division number 2 Corporate Insolvency and Governance Bill - Report (and remaining stages) — Amendment 15

Aye: 136 Members of the House of Lords

No: 220 Members of the House of Lords

Ayes: A-Z by last name

Nos: A-Z by last name

Division conducted remotely on Amendment 15

Amendment 15 disagreed.

Amendments 16 and 17 not moved.