Section 438 of the Companies Act 1985 (power of Secretary of State to bring civil proceedings on company's behalf) shall cease to have effect.
In section 439 of that Act (expenses of investigating company's affairs)—
in subsection (2) omit ", or is ordered to pay the whole or any part of the costs of proceedings brought under section 438,";
omit subsections (3) and (7) (which relate to section 438);
in subsection (8)—
for "subsections (2) and (3)" substitute , and" subsection (2) "
omit "; and any such liability imposed by subsection (2) is (subject as mentioned above) a liability also to indemnify all persons against liability under subsection (3)".
In section 453(1A) of that Act (investigation of overseas companies: provisions not applicable), omit paragraph (b) (which relates to section 438).
Nothing in this section affects proceedings brought under section 438 before the commencement of this section.