Clause 505

by deleting the words “Companies Act (Cap. 50)” in section 27A(4) and substituting the words “Insolvency, Restructuring and Dissolution Act 2018”;

by deleting the words “section 254(2) of the Companies Act (Cap. 50)” in section 27B(5) and substituting the words “section 125(2) of the Insolvency, Restructuring and Dissolution Act 2018”;

by deleting paragraph (b) of section 27D(1) and substituting the following paragraph:“(b)no judicial manager may be appointed under Part 7 of the Insolvency, Restructuring and Dissolution Act 2018 in relation to the company;”;

by deleting the full-stop at the end of paragraph (c) of section 27D(1) and substituting the word “; and”, and by inserting immediately thereafter the following paragraph:“(d)no application under section 210 of the Companies Act or section 71 of the Insolvency, Restructuring and Dissolution Act 2018 may be made by any person in relation to the company, unless that person has served 14 days’ written notice of that person’s intention to make the application on the Authority.”; and

by deleting subsection (2) of section 27D and substituting the following subsection:“(2) The Authority must be a party to —

any proceedings under the Insolvency, Restructuring and Dissolution Act 2018 relating to the winding up of the affairs of a company that is a licensee; or

any proceedings relating to the making of an order under section 210 of the Companies Act or section 71 of the Insolvency, Restructuring and Dissolution Act 2018 in relation to a company that is a licensee.”.