Small Business, Enterprise and Employment Act 2015
Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
110 Compensation orders and undertakings
After section 15 of the Company Directors Disqualification Act 1986 insert— Compensation orders and undertakings Compensation orders and undertakings 15A (1) The court may make a compensation order against a person on the application of the Secretary of State if it is satisfied that the conditions mentioned in subsection (3) are met. (2) If it appears to the Secretary of State that the conditions mentioned in subsection (3) are met in respect of a person who has offered to give the Secretary of State a compensation undertaking, the Secretary of State may accept the undertaking instead of applying, or proceeding with an application, for a compensation order. (3) The conditions are that— (a) the person is subject to a disqualification order or disqualification undertaking under this Act, and (b) conduct for which the person is subject to the order or undertaking has caused loss to one or more creditors of an insolvent company of which the person has at any time been a director. (4) An “insolvent company” is a company that is or has been insolvent and a company becomes insolvent if— (a) the company goes into liquidation at a time when its assets are insufficient for the payment of its debts and other liabilities and the expenses of the winding up, (b) the company enters administration, or (c) an administrative receiver of the company is appointed. (5) The Secretary of State may apply for a compensation order at any time before the end of the period of two years beginning with the date on which the disqualification order referred to in paragraph (a) of subsection (3) was made, or the disqualification undertaking referred to in that paragraph was accepted. (6) In the case of a person subject to a disqualification order under section 8ZA or 8ZD, or a disqualification undertaking under section 8ZC or 8ZE, the reference in subsection (3)(b) to conduct is a reference to the conduct of the main transgressor in relation to which the person has exercised the requisite amount of influence. (7) In this section and sections 15B and 15C “the court” means— (a) in a case where a disqualification order has been made, the court that made the order, (b) in any other case, the High Court or, in Scotland, the Court of Session. Amounts payable under compensation orders and undertakings 15B (1) A compensation order is an order requiring the person against whom it is made to pay an amount specified in the order— (a) to the Secretary of State for the benefit of— (i) a creditor or creditors specified in the order; (ii) a class or classes of creditor so specified; (b) as a contribution to the assets of a company so specified. (2) A compensation undertaking is an undertaking to pay an amount specified in the undertaking— (a) to the Secretary of State for the benefit of— (i) a creditor or creditors specified in the undertaking; (ii) a class or classes of creditor so specified; (b) as a contribution to the assets of a company so specified. (3) When specifying an amount the court (in the case of an order) and the Secretary of State (in the case of an undertaking) must in particular have regard to— (a) the amount of the loss caused; (b) the nature of the conduct mentioned in section 15A(3)(b); (c) whether the person has made any other financial contribution in recompense for the conduct (whether under a statutory provision or otherwise). (4) An amount payable by virtue of subsection (2) under a compensation undertaking is recoverable as if payable under a court order. (5) An amount payable under a compensation order or compensation undertaking is provable as a bankruptcy debt. Variation and revocation of compensation undertakings 15C (1) The court may, on the application of a person who is subject to a compensation undertaking— (a) reduce the amount payable under the undertaking, or (b) provide for the undertaking not to have effect. (2) On the hearing of an application under subsection (1), the Secretary of State must appear and call the attention of the court to any matters which the Secretary of State considers relevant, and may give evidence or call witnesses.
110 Compensation orders and undertakings
After section 15 of the Company Directors Disqualification Act 1986 insert— Compensation orders and undertakings Compensation orders and undertakings 15A (1) The court may make a compensation order against a person on the application of the Secretary of State if it is satisfied that the conditions mentioned in subsection (3) are met. (2) If it appears to the Secretary of State that the conditions mentioned in subsection (3) are met in respect of a person who has offered to give the Secretary of State a compensation undertaking, the Secretary of State may accept the undertaking instead of applying, or proceeding with an application, for a compensation order. (3) The conditions are that— (a) the person is subject to a disqualification order or disqualification undertaking under this Act, and (b) conduct for which the person is subject to the order or undertaking has caused loss to one or more creditors of an insolvent company of which the person has at any time been a director. (4) An “insolvent company” is a company that is or has been insolvent and a company becomes insolvent if— (a) the company goes into liquidation at a time when its assets are insufficient for the payment of its debts and other liabilities and the expenses of the winding up, (b) the company enters administration, or (c) an administrative receiver of the company is appointed. (5) The Secretary of State may apply for a compensation order at any time before the end of the period of two years beginning with the date on which the disqualification order referred to in paragraph (a) of subsection (3) was made, or the disqualification undertaking referred to in that paragraph was accepted. (6) In the case of a person subject to a disqualification order under section 8ZA or 8ZD, or a disqualification undertaking under section 8ZC or 8ZE, the reference in subsection (3)(b) to conduct is a reference to the conduct of the main transgressor in relation to which the person has exercised the requisite amount of influence. (7) In this section and sections 15B and 15C “the court” means— (a) in a case where a disqualification order has been made, the court that made the order, (b) in any other case, the High Court or, in Scotland, the Court of Session. Amounts payable under compensation orders and undertakings 15B (1) A compensation order is an order requiring the person against whom it is made to pay an amount specified in the order— (a) to the Secretary of State for the benefit of— (i) a creditor or creditors specified in the order; (ii) a class or classes of creditor so specified; (b) as a contribution to the assets of a company so specified. (2) A compensation undertaking is an undertaking to pay an amount specified in the undertaking— (a) to the Secretary of State for the benefit of— (i) a creditor or creditors specified in the undertaking; (ii) a class or classes of creditor so specified; (b) as a contribution to the assets of a company so specified. (3) When specifying an amount the court (in the case of an order) and the Secretary of State (in the case of an undertaking) must in particular have regard to— (a) the amount of the loss caused; (b) the nature of the conduct mentioned in section 15A(3)(b); (c) whether the person has made any other financial contribution in recompense for the conduct (whether under a statutory provision or otherwise). (4) An amount payable by virtue of subsection (2) under a compensation undertaking is recoverable as if payable under a court order. (5) An amount payable under a compensation order or compensation undertaking is provable as a bankruptcy debt. Variation and revocation of compensation undertakings 15C (1) The court may, on the application of a person who is subject to a compensation undertaking— (a) reduce the amount payable under the undertaking, or (b) provide for the undertaking not to have effect. (2) On the hearing of an application under subsection (1), the Secretary of State must appear and call the attention of the court to any matters which the Secretary of State considers relevant, and may give evidence or call witnesses.
One line that says what changes, such as "Halve the dog tax".
Who it helps, what it costs, what it fixes. It is what persuades people to support it.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.
Sign in to file your proposal. What you have written stays on this page.
Sign in to file itThink it through
Ask what your change would do, who would gain and who would bear a cost, and where something like it is already law. The assistant reads your draft as it stands, cites the law and the studies it finds, and takes no side. What you file stays yours.