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1304515

registered interest
date	22/03/2021
answering body	Department for Business, Energy and Industrial Strategy
answering dept id	201
answering dept short name	Business, Energy and Industrial Strategy
answering dept sort name	Business, Energy and Industrial Strategy
hansard heading	Insolvency
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what proportion of businesses subject to pre-pack administration survive longer than (1) five years, (2) 10 years, and (3) 15 years.
tabling member printed	Lord Sikka
uin	HL14468
answer	answer is ministerial correction date of answer 31/03/2021 answer text <p>The Government does not hold or collect information on survival rates of businesses subject to a pre-pack administration.</p> answering member printed Lord Callanan question first answered 31/03/2021 13:53:19 answering member 4336 label Biography information for Lord Callanan
tabling member	4885 label Biography information for Lord Sikka

1304420

registered interest
date	19/03/2021
answering body	Department for Business, Energy and Industrial Strategy
answering dept id	201
answering dept short name	Business, Energy and Industrial Strategy
answering dept sort name	Business, Energy and Industrial Strategy
hansard heading	Company Accounts
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government which (1) sections of the Companies Act 2006, or (2) regulations made under that Act, outline (a) the accounting treatment, and (b) the disclosure requirements, for finance secured through reverse factoring.
tabling member printed	Lord Sikka
uin	HL14423
answer	answer is ministerial correction date of answer 31/03/2021 answer text <p>The Companies Act 2006 does not include specific requirements for finance secured through reverse factoring. However, section 393 places a requirement on directors that the accounts must provide a true and fair view of the assets, liabilities, financial position and profit or loss of a company or group. This places a responsibility to provide such information as is necessary to ensure that requirement is met, including where reverse factoring is used in supply chain arrangements.</p><p> </p><p>The correct accounting treatment for reverse factoring is dependent on the terms and conditions of the factoring arrangement in place. The International Financial Reporting Standards (IFRS) Interpretations Committee and the Financial Reporting Council (FRC) have both issued guidance addressing the accounting standards requirements for reverse factoring, including guidance on additional disclosures. Copies of the guidance are attached below. The International Accounting Standards Board is also considering whether to add a project on reverse factoring to its agenda, as part of their responsibility for issuing International Financial Reporting Standards.</p> answering member printed Lord Callanan attachment 1 file name supply-chain-financing-arrangements-reverse-factoring-december-2020.pdf title Supply Chain Financing Arrangements—Reverse Factor 2 file name Disclosures-on-the-sources-and-uses-of-cash-Final.pdf title Disclosures on the sources and uses of cash question first answered 31/03/2021 13:57:56 answering member 4336 label Biography information for Lord Callanan
tabling member	4885 label Biography information for Lord Sikka

1304421

registered interest
date	19/03/2021
answering body	Department for Business, Energy and Industrial Strategy
answering dept id	201
answering dept short name	Business, Energy and Industrial Strategy
answering dept sort name	Business, Energy and Industrial Strategy
hansard heading	Investment Income
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government, further to the Written Answer by Lord Callanan on 27 October 2020 (HL9157), whether they will provide (1) the names of the “Several bodies” who have “powers in certain circumstances to investigate and take action if illegal dividends have been paid”; and (2) the number of cases examined by each such body.
tabling member printed	Lord Sikka
uin	HL14424
answer	answer is ministerial correction date of answer 31/03/2021 answer text <p>Compliance is primarily a matter for the directors, and there are rights of recourse to the courts in response to unlawful distributions. Where a company becomes insolvent after paying dividends the courts have wide powers to apply a variety of sanctions and remedies. Data on illegal dividends is not collected.</p><p> </p><p>A number of bodies, however, have an interest in dividend payments from their particular regulatory perspectives. They include the Insolvency Service and insolvency practitioners who will investigate dividend payments and seek to recover them if they are found to be illegal. HM Revenue and Customs has an interest in the proper payment of dividends to the extent that there may be tax consequences leading to a loss to the Exchequer. The Prudential Regulation Authority has rules and powers under financial services legislation regarding dividends and other distributions for the purpose of banks and building societies’ capital conservation. Data on this aspect of the regulators’ work is not collected.</p><p> </p><p>Proposals in the Government’s recently published consultation document on <em>Restoring Trust in Audit and Corporate Governance</em> would improve dividend transparency and provide stronger reassurance that dividends are being paid in line with the requirements of the Companies Act 2006. These include proposals to require companies to disclose their known distributable reserves in their financial statements, and to require directors to confirm that dividends are within known distributable reserves and that it is their reasonable expectation that payment of the dividend will not threaten the solvency of the company over the next two years.</p> answering member printed Lord Callanan question first answered 31/03/2021 13:54:54 answering member 4336 label Biography information for Lord Callanan
tabling member	4885 label Biography information for Lord Sikka

1278975

registered interest
date	20/01/2021
answering body	Department for Business, Energy and Industrial Strategy
answering dept id	201
answering dept short name	Business, Energy and Industrial Strategy
answering dept sort name	Business, Energy and Industrial Strategy
hansard heading	Minimum Wage
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what proportion of workers are paid less than the statutory minimum wage.
tabling member printed	Lord Sikka
uin	HL12383
answer	answer is ministerial correction date of answer 03/02/2021 answer text <p>The Government is committed to ensuring employers correctly pay the National Minimum Wage (NMW). We have more than doubled the budget for the NMW enforcement and compliance, rising to £27.5 million for 20/21, up from £13.2 million in 2015/16. In 2019/20, HM Revenue &amp; Customs identified £20.8 million in arrears for over 263,000 workers and issued just under 1,000 penalties totalling £18.5 million to non-compliant employers.</p><p> </p><p>The ONS’ Annual Survey of Hours and Earnings (ASHE) provides our primary estimate of the proportion of workers who are paid below the statutory minimum wage. The Low Pay Commission (LPC) published estimates in their 2020 report, which found that 347,000 workers (or 1.4% of all jobs) were underpaid the relevant minimum wage in April 2020. This excludes individuals who were furloughed, as they would not have been working at that time. The LPC figure follows our 2019 estimate, where underpayment was estimated to be approximately 408,000, equivalent to 1.4% of all jobs.</p><p> </p><p>We will publish further information on minimum wage underpayment in due course, in our annual enforcement report.</p> answering member printed Lord Callanan question first answered 03/02/2021 17:12:37 answering member 4336 label Biography information for Lord Callanan
tabling member	4885 label Biography information for Lord Sikka

1278995

registered interest
date	20/01/2021
answering body	Department for Business, Energy and Industrial Strategy
answering dept id	201
answering dept short name	Business, Energy and Industrial Strategy
answering dept sort name	Business, Energy and Industrial Strategy
hansard heading	Carillion: Insolvency
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what fees have been paid to PriceWaterhouseCoopers for acting as special managers assisting the official receiver in relation to the liquidation of Carillion.
tabling member printed	Lord Sikka
uin	HL12384
answer	answer is ministerial correction date of answer 03/02/2021 answer text <p>The remuneration paid to PriceWaterhouseCoopers as special managers assisting the Official Receiver in the Carillion liquidations is £59,593,062 (net of VAT) for the period from 15 January 2018 to 21 January 2021.</p> answering member printed Lord Callanan question first answered 03/02/2021 16:51:55 answering member 4336 label Biography information for Lord Callanan
tabling member	4885 label Biography information for Lord Sikka

1278999

registered interest
date	20/01/2021
answering body	Department for Business, Energy and Industrial Strategy
answering dept id	201
answering dept short name	Business, Energy and Industrial Strategy
answering dept sort name	Business, Energy and Industrial Strategy
hansard heading	Bankruptcy: Coronavirus
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what plans they have (1) to create databases setting out the number of (a) personal, and (b) corporate, bankruptcies caused by the impact of COVID-19; and (2) to publish these numbers at monthly intervals.
tabling member printed	Lord Sikka
uin	HL12388
answer	answer is ministerial correction date of answer 03/02/2021 answer text <p>Whilst some of this information is already collected, such as the causes of personal insolvency and some corporate insolvencies that are dealt with by the Official Receiver, these only represent a small fraction of the total number of corporate and personal insolvency cases and would not therefore be representative.</p> answering member printed Lord Callanan question first answered 03/02/2021 16:51:45 answering member 4336 label Biography information for Lord Callanan
tabling member	4885 label Biography information for Lord Sikka

1276961

registered interest
date	14/01/2021
answering body	Department for Business, Energy and Industrial Strategy
answering dept id	201
answering dept short name	Business, Energy and Industrial Strategy
answering dept sort name	Business, Energy and Industrial Strategy
hansard heading	Insolvency
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government how much unsecured creditors have been unable to recover from the bankruptcy of their corporate customers in each of the last five years.
tabling member printed	Lord Sikka
uin	HL12173
answer	answer is ministerial correction date of answer 28/01/2021 answer text <p>This information is not collated and held centrally. Information on individual corporate insolvencies at Companies House contains reports filed by the appointed insolvency office holder which will detail the amounts owed to different types of creditors, including unsecured creditors, and any payments made to those creditors from the realisation of assets during the course of the insolvency process.</p> answering member printed Lord Callanan question first answered 28/01/2021 15:34:36 answering member 4336 label Biography information for Lord Callanan
tabling member	4885 label Biography information for Lord Sikka

1244673

registered interest
date	19/10/2020
answering body	Department for Business, Energy and Industrial Strategy
answering dept id	201
answering dept short name	Business, Energy and Industrial Strategy
answering dept sort name	Business, Energy and Industrial Strategy
hansard heading	Carillion: Directors
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government how many directors of Carillion plc have been disqualified as directors since the report by the House of Commons Business, Energy and Industrial Strategy Select Committee and Work and Pensions Select Committee Carillion (HC 769) was published on 16 May 2018.
tabling member printed	Lord Sikka
uin	HL9324
answer	answer is ministerial correction date of answer 30/10/2020 answer text <p>The Insolvency Service’s enquiries into Carillion plc are ongoing. Once complete, a decision will be made on whether it is in the public interest to commence disqualification proceedings against any of the directors of the company.</p> answering member printed Lord Callanan question first answered 30/10/2020 11:03:36 answering member 4336 label Biography information for Lord Callanan
tabling member	4885 label Biography information for Lord Sikka

1242911

registered interest
date	13/10/2020
answering body	Department for Business, Energy and Industrial Strategy
answering dept id	201
answering dept short name	Business, Energy and Industrial Strategy
answering dept sort name	Business, Energy and Industrial Strategy
hansard heading	Business: Insolvency
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what is the number of business liquidations which remain incomplete after (1) 5 years, (2) 10 years, and (3) 15 years or more, after their commencement.
tabling member printed	Lord Sikka
uin	HL9154
answer	answer is ministerial correction date of answer 27/10/2020 answer text <p>These figures are made up of private limited, public limited and unlimited companies. Companies House does not register details of sole traders etc and cannot provide information about them.</p><p> </p><p>The number of private limited, public limited and unlimited company liquidations which remain incomplete after (1) 5 years (2) 10 years, and 3 (15) years is as follows:</p><p> </p><table><tbody><tr><td><p>Between 5 and 9 Years</p></td><td><p>Between 10 and 14 Years</p></td><td><p>15 Years and More</p></td></tr><tr><td><p>7,962</p></td><td><p>3,642</p></td><td><p>14,328</p></td></tr></tbody></table><p> </p> answering member printed Lord Callanan question first answered 27/10/2020 13:14:49 answering member 4336 label Biography information for Lord Callanan
tabling member	4885 label Biography information for Lord Sikka

1242913

registered interest
date	13/10/2020
answering body	Department for Business, Energy and Industrial Strategy
answering dept id	201
answering dept short name	Business, Energy and Industrial Strategy
answering dept sort name	Business, Energy and Industrial Strategy
hansard heading	Autonomy: Audit
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government who were the ultimate beneficial recipients of (1) the £15 million fine and £5,635,014 costs levied by the Financial Reporting Council on Deloitte on 17 September in respect of audit failures at Autonomy Corporation Plc, and (2) the £500,000 and £250,000 fines levied upon two Deloitte partners.
tabling member printed	Lord Sikka
uin	HL9155
answer	answer is ministerial correction date of answer 27/10/2020 answer text <p>The three fines in the enforcement case relating to Autonomy Corporation plc were imposed under the Financial Reporting Council’s (FRC’s) Accountancy Scheme. Since 2016, a new Audit Enforcement Procedure has been implemented under the Statutory Auditors and Third Country Auditors Regulations 2016 for investigations of possible breaches of relevant requirements by statutory auditors under those Regulations.</p><p> </p><p>The investigation into Autonomy Corporation plc started before those regulations came into force. Under the Accountancy Scheme the fines must be passed to the participating body which is required to fund the legal costs of the case. Additionally, any costs awarded by the tribunal in recognition of the costs funded by the participating body must also be paid to that body. In this case the participating body was the Institute of Chartered Accountants in England and Wales.</p><p> </p><p>Fines imposed by the FRC under the Audit Enforcement Procedure must be paid to the Secretary of State and the Exchequer. Any costs awarded to the FRC in recognition of the costs funded by one of the recognised audit supervisory bodies must continue to be paid to that body.</p> answering member printed Lord Callanan question first answered 27/10/2020 12:08:34 answering member 4336 label Biography information for Lord Callanan
tabling member	4885 label Biography information for Lord Sikka