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New Clause 16

Volume 113: debated on Tuesday 31 March 1987

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Power To Petition For Winding Up Etc Oninformation Obtained Under Section 2

The words "or section 2 of the Criminal Justice Act 1987" shall be inserted—

  • (a)—in section 440 of the Companies Act 1985, after the words "that Act";
  • (b)—in section 8(1) of the Company Directors Disqualification Act 1986, after the words "the Financial Services Act 1986", in the second place where they occur; and
  • (c)—in Article 433 of the Companies (Northern Ireland) Order 1986, after the words "that Act".'.—[Mr. Douglas Hogg.]
  • Brought up, and read the First time.

    4.15 pm

    The Parliamentary Under-Secretary of State for the Home Department
    (Mr. Douglas Hogg)

    I beg to move, That the clause be read a Second time.

    New clause 16 amends section 440 of the Companies Act 1985 to allow public interest petitions based on o information obtained under clause 2 of the Bill to be used for the winding up of a company. A little amplification is necessary.

    Section 440 of the Companies Act 1985, as subsequently amended by the Financial Services Act 1986, allows public interest petitions based on Companies Act and Financial Services Act information to be used for winding up a company. The new clause further amends section 440 so as to allow public interest petitions based on information obtained from the serious fraud office to be used in the same way. The serious fraud office will not itself wind up companies. That will remain a matter for my right hon. Friend the Secretary of State for Trade and Industry.

    Question put and agreed to.

    Clause 16 ordered to stand part of the Bill.