---

Companies Bill [HL]

My Lords, I beg to move that the House do agree with the Commons in their Amendments Nos. 513 to 529. Amendments Nos. 513 to 519 combine provisions that have been in the Bill from the outset in relation to debentures with a restatement of relevant provisions from the 1985 Act. There is no change of substance. It may be helpful if I explain why there is there no equivalent for the register of debenture holders to the requirement, in Clause 119, for the company to advise those accessing the register the date to which it has been made up. The Bill follows previous Companies Acts in that it does not regulate the content of the register of debentures in the way—in particular, it does not require the register to include dates of becoming or ceasing to be a debenture holder. Therefore, it would be anomalous for companies to be required to provide for the register of debenture holders the sort of information which they have to provide under Clause 119 in relation to the register of members. Furthermore, the relationship between the company, the holders of debentures and the holders of interests under any related trust deed are generally regulated by documents which are not part of the company law architecture. It would be excessively regulatory, and possibly wholly inappropriate, to impose an obligation for registers of debenture holders similar to Clause 119 for registers of members. Moved, That the House do agree with the Commons in their Amendments Nos. 513 to 529.—(Lord McKenzie of Luton.)