Insolvency Bill [Lords] — Section 309(1) of the Insolvency Act 1986 to apply to nominees — 16 Nov 2000

Brought up, and read the First time.

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

Madam Deputy Speaker (Mrs. Sylvia Heal):

With this it will be convenient to discuss the following amendments: No. 46, in schedule 1, page 15, line 6, at end insert--

The matters to which the directors of a company are to have regard in the performance of their functions include the interests of the company's employees in general . . .

If any of the company's creditors or any other person is dissatisfied by any act, omission or decision of the supervisor, he may apply to the court.

any other person affected by a moratorium

Directors to have regard to interests of employees,

Accordingly, the duty imposed by this section on the directors is owed by them to the company (and the company alone) and is enforceable in the same way as any other fiduciary duty owed to a company by its directors.

We must remember that the directors are still in charge of a company in a moratorium, and section 309 continues to apply. Therefore, they should have regard to that duty when framing a rescue plan. That is my point which, for whatever reason, my hon. Friends do not want to accept.

any adverse court judgment or disciplinary findings by any of the Recognised Supervisory Bodies.

Question put, That the clause be read a Second time:--

The House divided: Ayes 42, Noes 280.

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Peter AtkinsonHexhamConaye
Tim BoswellDaventryCon (front bench)aye
Peter BottomleyWorthing WestConaye
Mrs Virginia BottomleySouth West SurreyConaye
John ButterfillBournemouth WestContellaye
Sir Sydney ChapmanChipping BarnetConaye
Christopher ChopeChristchurchConaye
Geoffrey Clifton-BrownCotswoldCon (front bench)aye
Mr Tim CollinsWestmorland and LonsdaleConaye
David DavisHaltemprice and HowdenCon (front bench)aye
Sir Peter EmeryEast DevonConaye
Eric ForthBromley and ChislehurstConaye
James GrayNorth WiltshireConaye
Julian LewisNew Forest EastCon (front bench)aye
Peter LilleyHitchin and HarpendenConaye
Tim LoughtonEast Worthing and ShorehamCon (front bench)aye
David MacleanPenrith and The BorderConaye
Mr John MajorHuntingdonConaye
Anne McIntoshVale of YorkConaye
Mr Richard PageSouth West HertfordshireConaye
Eric PicklesBrentwood and OngarCon (front bench)aye
Mrs Gillian ShephardSouth West NorfolkConaye
Richard SpringWest SuffolkConaye
Robert SymsPooleCon (front bench)aye
Ann WintertonCongletonConaye
Mr Martin BellTattonIndependentno
Austin MitchellGreat GrimsbyLabaye
Mrs Irene AdamsPaisley NorthLab (minister)no
Nick AingerCarmarthen West and South PembrokeshireLabno
Bob AinsworthCoventry North EastLab (minister)no
Graham AllenNottingham NorthLab (minister)no
Mr Donald AndersonSwansea EastLab (minister)no
Charlotte AtkinsStaffordshire MoorlandsLabno
John AustinErith and ThamesmeadLabno
Mr Tony BanksWest HamLab (minister)no
Mr Harry BarnesNorth East DerbyshireLabno
John BattleLeeds WestLab (minister)no
Hugh BayleyCity of YorkLab (minister)no
Mr Nigel BeardBexleyheath and CrayfordLabno
Margaret BeckettDerby SouthLab (minister)no
Anne BeggAberdeen SouthLab (minister)no
Stuart BellMiddlesbroughLab (minister)no
Mr Andrew BennettDenton and ReddishLabno
Mr Gerry BerminghamSt Helens SouthLabno
Roger BerryKingswoodLabno
Liz BlackmanErewashLabno
Mr Paul BoatengBrent SouthLab (minister)no
Mr Keith BradleyManchester, WithingtonLab (minister)no
Ben BradshawExeterLab (minister)no
Des BrowneKilmarnock and LoudounLabno
Karen BuckRegent's Park and Kensington NorthLabno
Richard BurdenBirmingham, NorthfieldLabno
Mrs Christine ButlerCastle PointLabno
Stephen ByersNorth TynesideLab (minister)no
Mr Ivor CaplinHoveLabno
Mr Roger CasaleWimbledonLabno
Martin CatonGowerLab (minister)no
Ian CawseyBrigg and GooleLabno
Michael ClaphamBarnsley West and PenistoneLabno
Dr David ClarkSouth ShieldsLabno
Ms Helen ClarkPeterboroughLabno
Mr Eric ClarkeMidlothianLabno
David ClellandTyne BridgeLab (minister)no
Vernon CoakerGedlingLabno
Mr Iain ColemanHammersmith and FulhamLabno
Mr Tony ColmanPutneyLabno
Michael ConnartyFalkirk EastLab (minister)no
Frank CookStockton NorthLabno
Yvette CooperPontefract and CastlefordLab (minister)no
Jeremy CorbynIslington NorthLabno
Ms Jean CorstonBristol EastLabno
Mr Tom CoxTootingLabno
John CryerHornchurchLabno
Jim CunninghamCoventry SouthLab (minister)no
Alistair DarlingEdinburgh CentralLab (minister)no
Mrs Valerie DaveyBristol WestLabno
Ian DavidsonGlasgow PollokLab (minister)no
Mr Denzil DaviesLlanelliLabno
Mr Terry DavisBirmingham, Hodge HillLabno
Mr Hilton DawsonLancaster and WyreLabno
Andrew DismoreHendonLabno
Frank DobsonHolborn and St PancrasLabno
Jim DowdLewisham WestLab (minister)no
Ms Julia DrownSouth SwindonLabno
Angela EagleWallaseyLab (minister)no
Maria EagleLiverpool, GarstonLabno
Jeff EnnisBarnsley East and MexboroughLabno
Bill EtheringtonSunderland NorthLabno
Frank FieldBirkenheadLabno
Jim FitzpatrickPoplar and Canning TownLabno
Caroline FlintDon ValleyLabno
Paul FlynnNewport WestLabno
Michael Jabez FosterHastings and RyeLabno
George GallowayGlasgow KelvinLabno
Mike GapesIlford SouthLab (minister)no
Barry GardinerBrent NorthLab (minister)no
Neil GerrardWalthamstowLabno
Ian GibsonNorwich NorthLabno
Dr Norman GodmanGreenock and InverclydeLabno
Mrs Llin GoldingNewcastle-under-LymeLabno
Mrs Eileen GordonRomfordLabno
Ms Jane GriffithsReading EastLabno
Nigel GriffithsEdinburgh SouthLabno
John GroganSelbyLab (minister)no
Patrick HallBedfordLabno
Fabian HamiltonLeeds North EastLab (minister)no
David HansonDelynLab (minister)no
John HealeyWentworthLabno
Mr Ivan HendersonHarwichLabno
John HeppellNottingham EastLabno
Stephen HesfordWirral WestLabno
Patricia HewittLeicester WestLab (minister)no
Keith HillStreathamLab (minister)no
Mr David HinchliffeWakefieldLabno
Margaret HodgeBarkingLab (minister)no
Phil HopeCorbyLabno
Kim HowellsPontypriddLab (minister)no
Mr Kevin HughesDoncaster NorthLab (minister)no
Mr Alan HurstBraintreeLabno
John HuttonBarrow and FurnessLab (minister)no
Eric IllsleyBarnsley CentralLabno
Mrs Helen JacksonSheffield, HillsboroughLabno
Brian JenkinsTamworthLabno
Fiona JonesNewarkLabno
Ms Jenny JonesWolverhampton South WestLabno
Lynne JonesBirmingham, Selly OakLabno
Martyn JonesClwyd SouthLabno
Sally KeebleNorthampton NorthLabno
Alan KeenFeltham and HestonLabno
Ann KeenBrentford and IsleworthLabno
Fraser KempHoughton and Washington EastLabno
Jane KennedyLiverpool, WavertreeLab (minister)no
Piara S KhabraEaling, SouthallLabno
Ms Oona KingBethnal Green and BowLab (minister)no
Ashok KumarMiddlesbrough South and East ClevelandLabno
Stephen LadymanSouth ThanetLabno
Mrs Jackie LawrencePreseli PembrokeshireLabno
Bob LaxtonDerby NorthLabno
Chris LeslieShipleyLabno
Tom LevittHigh PeakLabno
Ivan LewisBury SouthLabno
Martin LintonBatterseaLabno
Tony LloydManchester CentralLabno
Mr David LockWyre ForestLab (minister)no
Andrew LoveEdmontonLab (minister)no
Mr Calum MacDonaldNa h-Eileanan an IarLabno
Andrew MacKinlayThurrockLabno
Denis MacShaneRotherhamLabno
Fiona MactaggartSloughLabno
Mrs Alice MahonHalifaxLabno
Judy MallaberAmber ValleyLabno
Gordon MarsdenBlackpool SouthLabno
Mr Paul MarsdenShrewsbury and AtchamLabno
David MarshallGlasgow ShettlestonLabno
Robert Marshall-AndrewsMedwayLabno
Eric MartlewCarlisleLabno
Mr John MaxtonGlasgow CathcartLabno
Thomas McAvoyGlasgow RutherglenLab (minister)no
Steve McCabeBirmingham, Hall GreenLab (minister)no
Chris McCaffertyCalder ValleyLabno
Siobhain McDonaghMitcham and MordenLabno
John Martin McDonnellHayes and HarlingtonLabno
Anne McGuireStirlingLab (minister)tellno
Shona McIsaacCleethorpesLabno
Tony McNultyHarrow EastLab (minister)no
Mr Tony McWalterHemel HempsteadLabno
Mr John McWilliamBlaydonLabno
Michael MeacherOldham West and RoytonLab (minister)no
Alan MealeMansfieldLabno
Gillian MerronLincolnLabno
Alun MichaelCardiff South and PenarthLabno
Mr Bill MichieSheffield, HeeleyLabno
Andrew MillerEllesmere Port and NestonLabno
Laura MoffattCrawleyLabno
Margaret MoranLuton SouthLabno
Kali MountfordColne ValleyLabno
Jim MurphyEast RenfrewshireLab (minister)no
Doug NaysmithBristol North WestLabno
Mr Bill O'BrienNormantonLabno
Edward O'HaraKnowsley SouthLabno
Mr Martin O'NeillOchilLab (minister)no
Bill OlnerNuneatonLabno
Sandra OsborneAyrLabno
Nick PalmerBroxtoweLabno
Ian PearsonDudley SouthLabno
Ms Linda PerhamIlford NorthLabno
Mr Peter PikeBurnleyLabno
James PlaskittWarwick and LeamingtonLabno
Mr Kerry PollardSt AlbansLabno
Greg PopeHyndburnLab (minister)no
Steve PoundEaling NorthLab (minister)no
Bridget PrenticeLewisham EastLabno
Gordon PrenticePendleLabno
Mr Lawrie QuinnScarborough and WhitbyLabno
Mr Giles RadiceNorth DurhamLab (minister)no
Bill RammellHarlowLabno
Nick RaynsfordGreenwich and WoolwichLab (minister)no
Andy ReedLoughboroughLabno
John ReidHamilton North and BellshillLab (minister)no
Mrs Barbara RocheHornsey and Wood GreenLab (minister)no
Mr Allan RogersRhonddaLabno
Mr Jeff RookerBirmingham, Perry BarrLab (minister)no
Frank RoyMotherwell and WishawLabno
Chris RuaneVale of ClwydLab (minister)no
Joan RuddockLewisham, DeptfordLabno
Martin SalterReading WestLabno
Mohammad SarwarGlasgow GovanLabno
Mr Brian SedgemoreHackney South and ShoreditchLabno
Mr Robert SheldonAshton-under-LyneLab (minister)no
Dennis SkinnerBolsoverLab (minister)no
Jacqui SmithRedditchLab (minister)no
John SmithVale of GlamorganLabno
Mr Llew SmithBlaenau GwentLabno
Mr Clive SoleyEaling, Acton and Shepherd's BushLab (minister)no
Helen SouthworthWarrington SouthLabno
John SpellarWarleyLab (minister)no
Rachel SquireDunfermline WestLabno
Phyllis StarkeyMilton Keynes South WestLabno
Mr George StevensonStoke-on-Trent SouthLabno
Howard StoateDartfordLabno
Gavin StrangEdinburgh East and MusselburghLabno
Gerry SutcliffeBradford SouthLab (minister)tellno
Mrs Ann TaylorDewsburyLab (minister)no
David TaylorNorth West LeicestershireLabno
Mr Peter Temple-MorrisLeominsterwhilst Labno
Mr Gareth ThomasClwyd WestLabno
Gareth ThomasHarrow WestLab (minister)no
Stephen TimmsEast HamLab (minister)no
Don TouhigIslwynLab (minister)no
Jon TrickettHemsworthLabno
Derek TwiggHaltonLabno
Mr Bill TynanHamilton SouthLabno
Rudi VisFinchley and Golders GreenLabno
Joan WalleyStoke-on-Trent NorthLab (minister)no
Claire WardWatfordLabno
Robert WareingLiverpool, West DerbyLabno
Mr Brian WhiteNorth East Milton KeynesLabno
Alan WhiteheadSouthampton, TestLabno
Alan WilliamsSwansea WestLabno
Michael WillsNorth SwindonLab (minister)no
David WinnickWalsall NorthLab (minister)no
Rosie WintertonDoncaster CentralLabno
Mike WoodBatley and SpenLabno
Anthony D WrightGreat YarmouthLabno
Tony WrightCannock ChaseLabno
Derek WyattSittingbourne and SheppeyLabno
Alan BeithBerwick-upon-TweedLDem (front bench)aye
Mr John BurnettTorridge and West DevonLDemaye
Paul BurstowSutton and CheamLDem (front bench)aye
Menzies CampbellNorth East FifeLDem (front bench)aye
Mr Brian CotterWeston-Super-MareLDem (front bench)tellaye
Edward DaveyKingston and SurbitonLDem (front bench)aye
Mr Ronnie FearnSouthportLDemaye
Andrew GeorgeSt IvesLDem (front bench)aye
Nick HarveyNorth DevonLDem (front bench)aye
David HeathSomerton and FromeLDem (front bench)aye
Charles KennedyRoss, Skye and Inverness WestLDem (front bench)aye
Mr Archy KirkwoodRoxburgh and BerwickshireLDem (front bench)aye
Mr David RendelNewburyLDemaye
Bob RussellColchesterLDem (front bench)aye
Alasdair MorganGalloway and Upper NithsdaleSNPaye
Andrew WelshAngusSNPaye
Mr Roy BeggsEast AntrimUUPaye
John TaylorStrangfordUUPaye

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