Paragraph 7

(1)

Section 7A (prosecution of delinquent officers of company) is amended as follows.

(2)

For subsection (1) substitute—

“(1)
This section applies where the approval of a voluntary arrangement in relation to a company has taken effect under section 4A.”

(3)

In subsection (2)—

(a)

for the words before paragraph (a) substitute “ If it appears to the supervisor that any past or present officer of the company has committed an offence in connection with the voluntary arrangement, the supervisor must forthwith ”;

(b)

in paragraph (b), omit “nominee or”.

(4)

In subsection (8), omit “nominee or”.