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1130841

	registered interest
	date	10/06/2019
	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, further to the Written Answer by Lord Henley on 9 May (HL15286), whether they intend to prioritise strengthening the powers available to insolvency practitioners to take recovery action where value has been extracted from a company prior to insolvency and to require any such related funds to be returned.
	tabling member printed	Lord Myners
	uin	HL16208
	answer	answer is ministerial correction date of answer 17/06/2019 answer text <p>In 2018, the Government published detailed proposals to reform corporate insolvency laws including strengthening the powers available to insolvency office-holders to challenge transactions and take recovery action where value has been extracted from a company as it approaches insolvency. The Government remains committed to introduce these changes as soon as Parliamentary time allows.</p> answering member printed Lord Henley question first answered 17/06/2019 12:31:37 answering member 2616 label Biography information for Lord Henley
	tabling member	3869 label Biography information for Lord Myners

1129546

	registered interest
	date	04/06/2019
	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	British Steel: Loans
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government whether the recent loan of £120 million to enable British Steel to meet its emissions trading compliance costs required a Ministerial direction.
	tabling member printed	Lord Myners
	uin	HL16031
	answer	answer is ministerial correction date of answer 18/06/2019 answer text <p>The Secretary of State for Business, Energy and Industrial Strategy has not issued any Ministerial Directions in respect of British Steel.</p><p>This loan agreement was fully commercial and state aid compliant, valued at around £120m, under Section 7 of the Industrial Development Act 1982. Under the agreement the Government purchased emissions allowances on behalf of British Steel ensuring it met its 2018 ETS obligations. Failure to comply with its ETS obligations would have led to a fine of around £500m, on top of the costs of ETS compliance of around £120m.</p><p>In return, under a deed of forfeiture, the company’s 2019 allowances will be assigned to the Government once issued, and the proceeds from selling these is expected to cover the costs of purchasing allowances for British Steel. The Government’s view is that the 2019 allowances will still be issued to British Steel in insolvency.</p><p>The Government’s assessment is that the Deed of Forfeiture offered value for money to the taxpayer, with benefits exceeding the costs, predicated on the level of confidence around security, even in the event of insolvency.</p><p>This position was supported by the independent Industrial Development Advisory Board which assessed the proposal in their statutory role and agreed with the Government’s value for money assessment.</p><p> </p><p> </p><p> </p> answering member printed Lord Henley question first answered 18/06/2019 16:50:34 answering member 2616 label Biography information for Lord Henley
	tabling member	3869 label Biography information for Lord Myners

1129547

	registered interest
	date	04/06/2019
	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	British Steel: Loans
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government whether civil servants expressed any concerns about the loan made to British Steel to enable it to meet its emissions trading compliance costs; and whether this loan is subject to enforceable security.
	tabling member printed	Lord Myners
	uin	HL16032
	answer	answer is ministerial correction date of answer 12/06/2019 answer text <p>I refer the Noble Lord to the answer I gave him on 4<sup>th</sup> June 2019 to Question HL15896, and to letters from the Permanent Secretary to the Department for Business, Energy and Industrial Strategy to the Chair of the Public Accounts Committee and the Comptroller &amp; Auditor General, placed in the Libraries of both Houses, outlining the terms of the Deed of Forfeiture bridge facility agreed between Government and British Steel.</p><p> </p><p>The Deed of Forfeiture provides legal protections to give Government control of 2019 EU ETS allowances, even under the scenario of insolvency.</p> answering member printed Lord Henley question first answered 12/06/2019 15:12:11 answering member 2616 label Biography information for Lord Henley
	tabling member	3869 label Biography information for Lord Myners

1129548

	registered interest
	date	04/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	London Capital & Finance: Insolvency
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government why 12 months have been allowed for the completion of Dame Elizabeth Gloster's inquiry into the circumstances surrounding the collapse of investment firm London Capital & Finance and the Financial Conduct Authority’s supervision of the firm.
	tabling member printed	Lord Myners
	uin	HL16033
	answer	answer is ministerial correction date of answer 18/06/2019 answer text <p>On 23 May, the Treasury formally directed the Financial Conduct Authority (FCA) to launch an independent investigation into the events at London Capital &amp; Finance (LCF), and approved the FCA’s appointment of Dame Elizabeth Gloster to lead it. The investigation will look at the events and circumstances surrounding the failure of LCF and whether, in its supervision of LCF, the FCA discharged its functions in a manner which enabled it to effectively fulfil its statutory objectives. Dame Elizabeth will be able to consider any other matters she deems relevant to the events set out in the Treasury’s direction to the FCA.</p><p> </p><p>Dame Elizabeth is an experienced barrister, leading QC and Judge at the High Court and Court of Appeal. The Treasury is satisfied that she will be able to lead a robust and independent investigation.</p><p> </p><p>The Treasury has stipulated that the investigation should be completed within 12 months, whilst allowing the investigator to report sooner than 12 months if this is feasible. This will ensure that the investigation is as thorough as possible and that the right lessons are learned to better protect those who invest their money in the future.</p> answering member printed Lord Young of Cookham grouped question UIN HL16034 HL16035 question first answered 18/06/2019 15:18:13 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	3869 label Biography information for Lord Myners

1129549

	registered interest
	date	04/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Barlow Clowes: Insolvency
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what assessment they have made of the role Dame Elizabeth Gloster played as counsel in cases arising out of (1) the insolvency of Barlow Clowes, and (2) the payment of compensation to investors in that firm's funds.
	tabling member printed	Lord Myners
	uin	HL16034
	answer	answer is ministerial correction date of answer 18/06/2019 answer text <p>On 23 May, the Treasury formally directed the Financial Conduct Authority (FCA) to launch an independent investigation into the events at London Capital &amp; Finance (LCF), and approved the FCA’s appointment of Dame Elizabeth Gloster to lead it. The investigation will look at the events and circumstances surrounding the failure of LCF and whether, in its supervision of LCF, the FCA discharged its functions in a manner which enabled it to effectively fulfil its statutory objectives. Dame Elizabeth will be able to consider any other matters she deems relevant to the events set out in the Treasury’s direction to the FCA.</p><p> </p><p>Dame Elizabeth is an experienced barrister, leading QC and Judge at the High Court and Court of Appeal. The Treasury is satisfied that she will be able to lead a robust and independent investigation.</p><p> </p><p>The Treasury has stipulated that the investigation should be completed within 12 months, whilst allowing the investigator to report sooner than 12 months if this is feasible. This will ensure that the investigation is as thorough as possible and that the right lessons are learned to better protect those who invest their money in the future.</p> answering member printed Lord Young of Cookham grouped question UIN HL16033 HL16035 question first answered 18/06/2019 15:18:13 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	3869 label Biography information for Lord Myners

1129550

	registered interest
	date	04/06/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	London Capital & Finance: Insolvency
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government why the terms of reference for Dame Elizabeth Gloster's inquiry into the circumstances surrounding the collapse of investment firm London Capital & Finance and the Financial Conduct Authority’s supervision of the firm do not include the impact on affected savers.
	tabling member printed	Lord Myners
	uin	HL16035
	answer	answer is ministerial correction date of answer 18/06/2019 answer text <p>On 23 May, the Treasury formally directed the Financial Conduct Authority (FCA) to launch an independent investigation into the events at London Capital &amp; Finance (LCF), and approved the FCA’s appointment of Dame Elizabeth Gloster to lead it. The investigation will look at the events and circumstances surrounding the failure of LCF and whether, in its supervision of LCF, the FCA discharged its functions in a manner which enabled it to effectively fulfil its statutory objectives. Dame Elizabeth will be able to consider any other matters she deems relevant to the events set out in the Treasury’s direction to the FCA.</p><p> </p><p>Dame Elizabeth is an experienced barrister, leading QC and Judge at the High Court and Court of Appeal. The Treasury is satisfied that she will be able to lead a robust and independent investigation.</p><p> </p><p>The Treasury has stipulated that the investigation should be completed within 12 months, whilst allowing the investigator to report sooner than 12 months if this is feasible. This will ensure that the investigation is as thorough as possible and that the right lessons are learned to better protect those who invest their money in the future.</p> answering member printed Lord Young of Cookham grouped question UIN HL16033 HL16034 question first answered 18/06/2019 15:18:13 answering member 57 label Biography information for Lord Young of Cookham
	tabling member	3869 label Biography information for Lord Myners

1129551

	registered interest
	date	04/06/2019
	answering body	Department for Work and Pensions
	answering dept id	29
	answering dept short name	Work and Pensions
	answering dept sort name	Work and Pensions
	hansard heading	Arcadia Group: Pensions
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government whether Ministers or officials have (1) written to, (2) had any meetings with, or (3) communicated in other forms with, Sir Philip Green, Lady Christina Green or the Pensions Regulator in connection with the Arcadia Group Pension Scheme.
	tabling member printed	Lord Myners
	uin	HL16036
	answer	answer is ministerial correction date of answer 18/06/2019 answer text <p>Neither Ministers nor officials have written to, had meetings with, or communicated in other forms with Sir Philip Green or Lady Christina Green.</p><p> </p><p>Ministers and officials have quarterly meetings with the Pensions Regulator, but not specifically concerning Sir Philip Green or the Arcadia Group. This is because the Pensions Regulator is an independent body, and as such the Government cannot intervene or influence its actions. The Regulator also keeps DWP officials informed about its work in monitoring pension schemes.</p> answering member printed Baroness Buscombe question first answered 18/06/2019 15:51:18 answering member 3349 label Biography information for Baroness Buscombe
	tabling member	3869 label Biography information for Lord Myners

1128143

	registered interest
	date	23/05/2019
	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	British Steel: Loans
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government to which company in the British Steel group of companies they extended a loan of £120 million for the purchase of carbon credits; whether that loan was guaranteed by Greybull Capital and associates; whether the borrower benefited from, or was exposed to, guarantees to other British Steel and Greybull Capital parties; and when that loan was drawn down.
	tabling member printed	Lord Myners
	uin	HL15957
	answer	answer is ministerial correction date of answer 04/06/2019 answer text <p>The support was provided to British Steel Limited in the form of a bridge facility. Under the terms of the commercial arrangement, the Government purchased the necessary allowances on behalf of British Steel Limited in the week leading up to 30 April and then surrendered them, via British Steel Limited's Operator Holding Account, to the EU Surrender Account. This occurred before the 30th April compliance deadline to surrender allowances for the 2018 reporting year, thus enabling British Steel Limited to meet its environmental obligations and avoid any penalties that would otherwise have resulted from non-compliance. In return, under a deed of forfeiture, the company’s 2019 allowances will be assigned to the Government once issued, and the proceeds from selling these is expected to cover the costs of purchasing the allowances.</p><p> </p><p>The terms of the commercial agreement between the Government and British Steel are set out in letters from the Permanent Secretary of the Department for Business, Energy and Industrial Strategy to the Chair of the Public Accounts Committee and the Comptroller &amp; Auditor General, copies of which have been placed in the Libraries of both Houses.</p> answering member printed Lord Henley question first answered 04/06/2019 16:03:29 answering member 2616 label Biography information for Lord Henley
	tabling member	3869 label Biography information for Lord Myners

1128081

	registered interest
	date	22/05/2019
	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	Greybull Capital
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government whether they will undertake a review into the activities of Greybull Capital, in particular with regard to (1) Monarch Airlines, (2) British Steel, (3) issues of creditor preference, and (4) the completeness and accuracy of public statements made by Greybull Capital, its partners, and employees.
	tabling member printed	Lord Myners
	uin	HL15930
	answer	answer is ministerial correction date of answer 04/06/2019 answer text <p>The Official Receiver is under a statutory duty to investigate the cause of failure of any company in compulsory liquidation and generally its business, dealings and affairs, which will include any actions taken which have been detrimental to creditors or pension schemes, and will do so in the case of British Steel. He has a duty to report any potential misconduct of directors to my rt. hon. Friend the Secretary of State for Business, Energy and Industrial Strategy.</p><p>In the case of British Steel, the Secretary of State has written to the Insolvency Service, specifically requesting that the investigation not only looks at the conduct of the directors immediately prior to and at insolvency, but also at the investments made in the company (noting previous commitments given in this regard) and the potential value transferred out of the company.</p><p> </p> answering member printed Lord Henley question first answered 04/06/2019 16:04:07 answering member 2616 label Biography information for Lord Henley
	tabling member	3869 label Biography information for Lord Myners

1128082

	registered interest
	date	22/05/2019
	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	Industry: Disclosure of Information
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government whether they intend to commission a review of the legislation and regulatory practice governing whistleblowing in regulated industries to investigate (1) the effectiveness of current practices, (2) the adequacy of protections provided to whistleblowers, and (3) the adoption of policies to promote and safeguard whistleblowing.
	tabling member printed	Lord Myners
	uin	HL15931
	answer	answer is ministerial correction date of answer 04/06/2019 answer text <p>Over recent years, the Government has implemented statutory and non-statutory reforms to improve the whistleblowing framework in all sectors. This includes guidance for whistleblowers on how in practice to make disclosures while preserving their employment protections; and guidance for employers including a non-statutory code of practice.</p><p>We have fulfilled the commitment to keep the Prescribed Persons list up to date – these are individuals and bodies that a whistleblower can approach in order to make a disclosure. Guidance is in place for Prescribed Persons and we review the list annually.</p><p>The most recent reform was a new legislative requirement for most prescribed persons to produce an annual report on whistleblowing disclosures made to them by workers. Relevant prescribed persons were required to publish the first of these reports by the end of September 2018.</p><p>Whilst it is right and proper that Government reviews the whistleblowing framework, we believe that it would be premature to do so now. We need to allow the existing changes that we have introduced to embed and provide the necessary evidence of their impact over time that would support a meaningful review.</p> answering member printed Lord Henley question first answered 04/06/2019 16:04:50 answering member 2616 label Biography information for Lord Henley
	tabling member	3869 label Biography information for Lord Myners