Table of Contents
Small Business, Enterprise and Employment Act 2015 (c. 26)Introductory TextPart 1 Access to finance (ss. 1-14)Assignment of receivables (ss. 1-2)1. Power to invalidate certain restrictive terms of business contracts2. Section 1(4)(a): meaning of "financial services"Business payment practices (s. 3)3. Companies: duty to publish report on payment practices and performanceFinancial information about businesses (ss. 4-9)4. Small and medium sized businesses: information to credit reference agencies5. Small and medium sized businesses: information to finance platforms6. Sections 4 and 5: supplementary7. Sections 4 to 6: interpretation8. Disclosure of VAT registration information9. Offences for the purposes of section 8Exports (ss. 10-12)10. Disclosure of exporter information11. Power of the Secretary of State under section 1 of the EIGA 199112. EIGA 1991: further amendmentsPresentment of cheques etc (s. 13)13. Electronic paying in of cheques etcPayment systems (s. 14)14. Powers of the Payment Systems RegulatorPart 2 Regulatory reform (ss. 15-38)Streamlined company registration (ss. 15-16)15. Target for streamlined company registration16. Streamlined company registration: duty to report on progressReview of business appeals procedures (ss. 17-19)17. Review of regulators' complaints and appeals procedures18. Power to specify regulatory functions19. Guidance by the Secretary of StateReport on investigations under financial regulators' complaints scheme (s. 20)20. Independent Complaints Commissioner: reporting dutyBusiness impact target (ss. 21-27)21. Duty on Secretary of State to publish business impact target etc22. Sections 21 and 23 to 25: "qualifying regulatory provisions" etc23. Duty on Secretary of State to publish reports24. Additional matters to be included in reports24A. Duty on relevant regulators to assess economic impact etc25. Appointment of body to verify assessments and lists in reports26. Amending the business impact target etc27. Sections 21 to 25 etc: interpretationSecondary legislation: duty to review (ss. 28-32)28. Duty to review regulatory provisions in secondary legislation29. Section 28(1)(b): interpretation30. Section 28(2)(a): "provision for review"31. Section 28(2)(b): appropriateness of making provision for review32. Sections 28 to 31 etc: supplementaryDefinitions of small and micro business (ss. 33-34)33. Definitions of small and micro business34. Small and micro business regulations: further provisionHome businesses (ss. 35-36)35. Exclusion of home businesses from Part 2 of the Landlord and Tenant Act 195436. Section 35: supplementary and consequential provisionCMA recommendations (s. 37)37. CMA to publish recommendations on proposals for Westminster legislationLiability of bodies concerned with accounting standards (s. 38)38. Exemption from liability for bodies concerned with accounting standards etcPart 3 Public sector procurement (ss. 39-40)39. Regulations about procurement40. Investigation of procurement functionsPart 4 The Pubs Code Adjudicator and the Pubs Code (ss. 41-73)The Pubs Code Adjudicator (s. 41)41. The AdjudicatorPubs Code (s. 42-47)42. Pubs Code43. Pubs Code: market rent only option44. Market rent only option: procedure45. Market rent only option: disputes46. Review of Pubs Code47. Inconsistency with Pubs Code etcArbitration by Adjudicator (ss. 48-52)48. Referral for arbitration by tied pub tenants49. Timing of referral for arbitration by tied pub tenants50. Arbitration commenced by pub-owning businesses51. Arbitration: supplementary52. Information about arbitrationInvestigations by Adjudicator (ss. 53-59)53. Investigations54. Investigation reports55. Forms of enforcement56. Recommendations57. Requirements to publish information58. Financial penalties59. Recovery of investigation costsAdvice and guidance by Adjudicator (ss. 60-61)60. Advice61. GuidanceAdjudicator's reporting requirements (s. 62)62. Annual reportFunding of Adjudicator (ss. 63-64)63. Levy funding64. Loans by Secretary of StateSupervision of Adjudicator (ss. 65-67)65. Review of Adjudicator and guidance from Secretary of State66. Abolition of Adjudicator67. Information to Secretary of StateSupplementary (ss. 68-73)68. "Tied pub"69. "Pub-owning business"70 "Tied pub tenant", "landlord", "tenancy" and "licence"71. Power to grant exemptions from Pubs Code71A. Reports on avoidance72. Interpretation: other provision73. Regulations under this PartPart 5 Childcare and Schools (ss. 74-77)74. Funding for free of charge early years provision75. Exemption from requirement to register as early years provider76. Childminding other than on domestic premises77. Registration of childcare: premisesPart 6 Education Evaluation (ss. 78-80)78. Assessments of effectiveness79. Qualifications80. DestinationsPart 7 Companies: Transparency (ss. 81-91)Register of people with significant control (ss. 81-82)81. Register of people with significant control82. Review of provisions about PSC registersRegister of interests disclosed (s. 83)83. Amendment of section 813 of the Companies Act 2006Abolition of share warrants to bearer (ss. 84-86)84. Abolition of share warrants to bearer85. Amendment of company's articles to reflect abolition of share warrants86. Review of section 84Corporate directors (ss. 87-88)87. Requirement for all company directors to be natural persons88. Review of section 87Shadow directors (ss. 89-91)89. Application of directors' general duties to shadow directors90. Shadow directors: definition91. Shadow directors: provision for Northern IrelandPart 8 Company Filing Requirements (ss. 92-103)Annual return reform (ss. 92-93)92. Duty to deliver confirmation statement instead of annual return93. Section 92: related amendmentsAdditional information on the register (ss. 94-95)94. Option for companies to keep information on central register95. Recording of optional information on registerInformation about dates of birth (s. 96)96. Protection of information about a person's date of birthStatements of capital etc (ss. 97-98)97. Contents of statements of capital98. Public companies: information about aggregate amount paid up on sharesRegistered office disputes (s. 99)99. Address of company registered officeDirector disputes (ss. 100-102)100. Company filing requirements: consent to act as director or secretary101. Registrar's duty to inform new directors of entry in register102. Removal from register of material about directorsAccelerated strike-off (s. 103)103. Reduction in notice periods etc for striking off companiesPart 9 Directors' Disqualification etc (ss. 104-116)New grounds for disqualification (ss. 104-105)104. Convictions abroad105. Persons instructing unfit directorDetermining unfitness (ss. 106-107)106. Determining unfitness and disqualifications: matters to be taken into account107. Reports of office-holders on conduct of directors of insolvent companiesDirector disqualification: other amendments (ss. 108-109)108. Unfit directors of insolvent companies: extension of period for applying for disqualification order109. Directors: removal of restriction on application for disqualification orderCompensation awards (s. 110)110. Compensation orders and undertakingsConsequential amendments and corresponding provision for Northern Ireland (ss. 111-112)111. Sections 104 to 110: consequential and related amendments112. Provision for Northern Ireland corresponding to sections 104 to 111Bankruptcy: Scotland and Northern Ireland (ss. 113-116)113. Disqualification as director: bankruptcy, etc in Scotland and Northern Ireland114. Company Directors Disqualification (Northern Ireland) Order 2002: bankruptcy, etc in England and Wales or Scotland115. Disqualification as insolvency practitioner: bankruptcy, etc in Scotland or Northern Ireland116. Disqualification as insolvency practitioner in Northern Ireland: bankruptcy, etc in England and Wales or ScotlandPart 10 Insolvency (ss. 117-146)Office-holder actions (ss. 117-119)117. Power for administrator to bring claim for fraudulent or wrongful trading118. Power for liquidator or administrator to assign causes of action119. Application of proceeds of office-holder claimsRemoving requirements to seek sanction (ss. 120-121)120. Exercise of powers by liquidator: removal of need for sanction121. Exercise of powers by trustee in bankruptcy: removal of need for sanctionPosition of creditors (ss. 122-126)122. Abolition of requirements to hold meetings: company insolvency123. Abolition of requirements to hold meetings: individual insolvency124. Ability for creditors to opt not to receive certain notices: company insolvency125. Ability for creditors to opt not to receive certain notices: individual insolvency126. Sections 122 to 125: further amendmentsAdministration (ss. 127-130)127. Extension of administrator's term of office128. Administration: payments to unsecured creditors129. Administration: sales to connected persons130. Attachment of floating charges on administration (Scotland)Small debts (ss. 131-132)131. Creditors not required to prove small debts: company insolvency132. Creditors not required to prove small debts: individual insolvencyTrustees in bankruptcy (s. 133)133. Trustees in bankruptcyVoluntary arrangements (ss. 134-135)134. Time limit for challenging IVAs135. Abolition of fast-track voluntary arrangementsProgress reports (s. 136)136. Voluntary winding-up: progress reportsRegulation of insolvency practitioners: amendments to existing regime (ss. 137-143)137. Recognised professional bodies: recognition138. Regulatory objectives139. Oversight of recognised professional bodies140. Recognised professional bodies: revocation of recognition141. Court sanction of insolvency practitioners in public interest cases142. Power for Secretary of State to obtain information143. Compliance ordersPower to establish single regulator of insolvency practitioners (ss. 144-146)144. Power to establish single regulator of insolvency practitioners145. Regulations under section 144: designation of existing body146. Regulations under section 144: timing and supplementaryPart 11 Employment (ss. 147-158)Equal pay (s. 147)147. Equal pay: transparencyWhistleblowing (ss. 148-149)148. Protected disclosures: reporting requirements149. Protection for applicants for employment etc in the health serviceEmployment tribunals (ss. 150-151)150. Financial penalty for failure to pay sums ordered by employment tribunal etc151. Employment tribunal procedure regulations: postponementsNational minimum wage (s. 152)152. Amount of financial penalty for underpayment of national minimum wageExclusivity in zero hours contracts (s. 153)153. Exclusivity terms unenforceable in zero hours contractsPublic sector exit payments (ss. 153A-157)153A. Regulations to restrict public sector exit payments153B. Supplementary provision about regulations under section 153A153C. Power to relax restriction on public sector exit payments154. Regulations in connection with repayment of public sector exit payments155. Section 154(1): further provision156. Power to make regulations under section 154(1) to be exercisable by the Treasury or Scottish Ministers157. Power of Secretary of State to waive repayment requirementConcessionary coal (s. 158)158. Concessionary coalPart 12 General (ss. 159-165)159. Consequential amendments, repeals and revocations160. Transitional, transitory or saving provision161. Supplementary provision about regulations162. Financial provisions163. Extent164. Commencement165. Short titleSchedule 1 The Pubs Code AdjudicatorSchedule 1, Part 1 The Pubs Code Adjudicator (paras. 1-18)Schedule 1, Part 2 Information Powers of the Pubs Code Adjudicator (paras. 19-22)Schedule 1, Part 3 Amendments of Legislation (paras. 23-26)Schedule 2 Registration of Childcare: PremisesSchedule 3 Register of People With Significant ControlSchedule 3, Part 1 Duty to obtain information and keep register (paras. 1-2)Schedule 3, Part 2 Related Amendments (paras. 3-11)Schedule 4 Abolition of Share Warrants to BearerSchedule 4, Part 1 Arrangements for Conversion and Cancellation of Existing Share Warrants (paras. 1-21)Schedule 4, Part 2 Consequential Amendments (paras. 22-28)Schedule 5 Option to Keep Information on Central RegisterSchedule 5, Part 1 Creation of the option (paras. 1-10)Schedule 5, Part 2 Related Amendments (paras. 11-35)Schedule 6 Contents of Statements of CapitalSchedule 7 Sections 104 to 110: Consequential and Related AmendmentsSchedule 7, Part 1 Company Directors Disqualification Act 1986 (paras. 1-23)Schedule 7, Part 2 Other Enactments (paras. 24-25)Schedule 8 Northern Ireland: Provision Corresponding to Sections 104 to 111Schedule 9 Abolition of Requirements to hold Meetings; Opted-Out CreditorsSchedule 9, Part 1 Company Insolvency (paras. 1-59)Schedule 9, Part 2 Individual Insolvency (paras. 60-88)Schedule 10 Trustees in BankruptcySchedule 11 Single Regulator of Insolvency Practitioners: Supplementary Provision
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118. Power for liquidator or administrator to assign causes of action
After section 246ZC of the Insolvency Act 1986 (inserted by section 117)insert -
"Power to assign certain causes of action
246ZD Power to assign
(1) This section applies in the case of a company where -
(a) the company enters administration, or
(b) the company goes into liquidation;
and "the office-holder" means the administrator or the liquidator, as the case may be.
(2) The office-holder may assign a right of action (including the proceeds of an action) arising under any of the following -
(a) section 213 or 246ZA (fraudulent trading);
(b) section 214 or 246ZB (wrongful trading);
(c) section 238 (transactions at an undervalue (England and Wales));
(d) section 239 (preferences (England and Wales));
(e) section 242 (gratuitous alienations (Scotland));
(f) section 243 (unfair preferences (Scotland));
(g) section 244 (extortionate credit transactions)."