SCHEDULE 1Consequential amendments to Primary Legislation

Companies Act 19892

1

The Companies Act 198919 is amended as follows.

2

In subsection (4A) of section 159 (proceedings of exchange or clearing house take precedence over insolvency procedures)20—

a

in paragraph (a)—

i

for “to the chairman of the meeting of creditors” substitute “to the convener”, and

ii

for “at a meeting of creditors” substitute “in a decision procedure”; and

b

in paragraph (b), for “at a meeting of creditors” substitute “ in a decision procedure”.

3

In subsection (4)(b) of section 163 (net sum payable on completion of default proceedings), for “a meeting of creditors had been summoned under section 98” substitute “a statement as to the affairs of the company had been made out and sent under section 99”.