The Third Group of PartsMiscellaneous Matters Bearing on both Company and Individual Insolvency ; General Interpretation ; Final Provisions

PART XVSubordinate Legislation

Specification, increase and reduction of money sums relevant in the operation of this Act

416Monetary limits (companies winding up)

1

The Secretary of State may by order in a statutory instrument increase or reduce any of the money sums for the time being specified in the following provisions in the first Group of Parts—

  • section 117(2) (amount of company's share capital determining whether county court has jurisdiction to wind it up);

  • section 120(3) (the equivalent as respects sheriff court jurisdiction in Scotland);

  • section 123(1)(a) (minimum debt for service of demand on company by unpaid creditor);

  • section 184(3) (minimum value of judgment, affecting sheriff's duties on levying execution);

  • section 206(1)(a) and (b) (minimum value of company property concealed or fraudulently removed, affecting criminal liability of company's officer).

2

An order under this section may contain such transitional provisions as may appear to the Secretary of State necessary or expedient.

3

No order under this section increasing or reducing any of the money sums for the time being specified in section 117(2), 120(3) or 123(1)(a) shall be made unless a draft of the order has been laid before and approved by a resolution of each House of Parliament.

4

A statutory instrument containing an order under this section, other than an order to which subsection (3) applies, is subject to annulment in pursuance of a resolution of either House of Parliament.