New Clause 51 - Sections [Financial support directions] to [Section [Contribution notices where non-compliance with financial support direction]: relationship with employer debt]: interpretation

Pensions Bill – in a Public Bill Committee at 2:45 pm on 27th April 2004.

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'(1) In sections [Financial support directions] to [Section [Contribution notices where non-compliance with financial support direction]: relationship with employer debt]—

''company'' has the meaning given by section 735(1) of the Companies Act 1985 (c. 6);

''group of companies'' means a holding company and its subsidiaries within the meaning given by section 736(1) of that Act;

''holding company'' has the meaning given by section 736(1) of that Act.

(2) For the purposes of those sections—

(a) references to a debt due under section 75 of the Pensions Act 1995 (c. 26) include a contingent debt under that section, and

(b) references to the amount of such a debt include the amount of such a contingent debt.

(3) For the purposes of those sections—

(a) section 249 of the Insolvency Act 1986 (c. 45) (connected persons) applies as it applies for the purposes of any provision of the first Group of Parts of that Act,

(b) section 435 of that Act (associated persons) applies as it applies for the purposes of that Act, and

(c) section 74 of the Bankruptcy (Scotland) Act 1985 (c. 66) (associated persons) applies as it applies for the purposes of that Act.'.—[Malcolm Wicks.]

Brought up, read the First and Second time, and added to the Bill.