Statutory Instrument 1991 No. 878 (C.21)

The Companies Act 1989 (Commencement No.10 and Saving Provisions) Order 1991

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© Crown Copyright 1991

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1991 No. 878 (C.21)

FINANCIAL SERVICES

The Companies Act 1989 (Commencement No.10 and Saving Provisions) Order 1991

The Secretary of State, in exercise of his powers under section 215 of the Companies Act 1989^[1] , hereby makes the following Order:

Citation and interpretation

    1.—(1)  This Order may be cited as the Companies Act 1989 (Commencement No.10 and Saving Provisions) Order 1991.

    (2)  In this Order and in the Schedule hereto—
 (a) "the Act" means the Companies Act 1989;
 (b) "insolvency proceedings" means proceedings of the kinds referred to in section 182(2) and (3) of the Act and also includes proceedings conducted by an administrative receiver; and
 (c) references to insolvency proceedings having begun shall be construed in accordance with section 182(2) and (3) of the Act and, in the case of proceedings conducted by an administrative receiver, shall mean the time at which the administrative receiver was appointed.

Provisions of the Act brought into force by the Order

    2.    The provisions of the Companies Act 1989 specified in the first column of the Schedule to this Order shall come into force on 25th April 1991 subject to the savings specified in article 3 of this Order.

Saving provisions

    3.—(1)  Section 157 of the Act shall not have effect in relation to a proposal made before the section comes into force.

    (2)  Section 160 of the Act shall not impose a duty on any person where insolvency proceedings relating to the defaulter in question have begun before the section comes into force.

    (3)  Section 166 of the Act shall not have effect to enable a direction to be given where insolvency proceedings relating to the person in question have begun before the section comes into force.

    (4)  Sections 174(1) and 175 of the Act shall not have effect where the relevant insolvency proceedings have begun before the section comes into force.

    (5)  Section 177 of the Act shall not have effect where the property is held as margin at the time the section comes into force.

    (6)  Section 179 of the Act shall not have effect where the property is subject to the relevant market charge at the time the section comes into force.

    (7)  Section 180 of the Act shall not have effect to prevent the continuation of any execution or other legal process commenced, or the continued levying of any distress begun, before the section comes into force.

John Redwood

Minister of State, Department of Trade and Industry

27th March 1991

[1] 1989 c. 40. back

Explanatory Note