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Company Law Reform Bill [HL]

moved Amendment No. A185A:"After Clause 666, insert the following new clause—" ““OTHER RETURNS ETC (1)   This section applies to oversea companies that are required to register particulars under section 661. (2)   The Secretary of State may make provision by regulations requiring the delivery to the registrar of returns— (a)   by a company to which this section applies that— (i)   is being wound up, or (ii)   becomes or ceases to be subject to insolvency proceedings, or an arrangement or composition or any analogous proceedings; (b)   by the liquidator of a company to which this section applies. (3)   The regulations may specify— (a)   the circumstances in which a return is to be made, (b)   the particulars to be given in it, and (c)   the period within which it is to be made. (4)   The Secretary of State may make provision by regulations requiring notice to be given to the registrar of the appointment in relation to a company to which this section applies of a judicial factor (in Scotland). (5)   The regulations may include provision corresponding to any provision made by section 756 of this Act (duty to notify registrar of certain appointments). (6)   Regulations under this section are subject to affirmative resolution procedure.”” The noble Lord said: In moving the amendment, I shall speak also to Amendment No. A185B. Amendment No. A185A ensures that the regulations may impose disclosure requirements replicating those which are currently imposed by Sections 703P and 703Q of the Companies Act 1985, which are being repealed. Clause 756 imposes a duty on UK companies to notify the registrar of the appointment of a judicial factor in Scotland. Subsections (4) and (5) of the amendment will enable regulations to impose the same requirement on oversea companies. As well as requiring the disclosure of information when the oversea company is facing liquidation or winding up, the 11th company law directive also requires notification whenever a branch is closed. As Clause 670 seems insufficient for these purposes, we may need to bring further amendments to this end on Report. Amendment No. A185B enables the regulations to set out what should happen when the oversea company is registered in more than one part of the United Kingdom. I beg to move. On Question, amendment agreed to. Clauses 667 to 670 agreed to.