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63464
registered interest false more like this
date less than 2014-06-24more like thismore than 2014-06-24
answering body
Department for Business, Innovation and Skills more like this
answering dept id 26 more like this
answering dept short name Business, Innovation and Skills more like this
answering dept sort name Business, Innovation and Skills more like this
hansard heading Insolvency remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Secretary of State for Business, Innovation and Skills, how many times the Insolvency Service's Redundancy Payments Service has made payments in cases where Deloitte was appointed the administrator in each of the last five years; how many such cases also involved payments made for protective awards; and how much was paid out for (a) statutory entitlements and (b) protective awards in each such case. more like this
tabling member constituency Kingston upon Hull North more like this
tabling member printed
Diana Johnson more like this
uin 202007 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2014-06-30more like thismore than 2014-06-30
answer text <p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p> </p><p>In the last five years, the Insolvency Service's Redundancy Payments Services have paid £77,233,534.54 in statutory entitlements, in 173 cases where Deloitte was appointed the administrator or liquidator.</p><p> </p><p> </p><p> </p><p>Of these cases, 20 cases resulted in protective award judgments totalling £6,930,864.72 paid from the National Insurance Fund.</p><p> </p><p> </p><p> </p><p>Due to the number of cases, it is not possible to disclose how much was paid in each individual case so a total has been provided instead.</p><p> </p><p> </p><p> </p> more like this
answering member constituency East Dunbartonshire more like this
answering member printed Jo Swinson remove filter
question first answered
less than 2014-06-30T15:18:20.4258852Zmore like thismore than 2014-06-30T15:18:20.4258852Z
answering member
1513
label Biography information for Jo Swinson more like this
tabling member
1533
label Biography information for Dame Diana Johnson more like this
91680
registered interest false more like this
date less than 2014-09-12more like thismore than 2014-09-12
answering body
Department for Business, Innovation and Skills more like this
answering dept id 26 more like this
answering dept short name Business, Innovation and Skills more like this
answering dept sort name Business, Innovation and Skills more like this
hansard heading Insolvency remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Secretary of State for Business, Innovation and Skills, what recent representations he has received on the independence and impartiality of the Institute of Chartered Accountants as regulator of insolvencies. more like this
tabling member constituency Great Grimsby more like this
tabling member printed
Austin Mitchell more like this
uin 209200 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2014-10-13more like thismore than 2014-10-13
answer text <p>I have received no such recent representations.</p><p> </p> more like this
answering member constituency East Dunbartonshire more like this
answering member printed Jo Swinson remove filter
question first answered
less than 2014-10-13T13:30:17.9344435Zmore like thismore than 2014-10-13T13:30:17.9344435Z
answering member
1513
label Biography information for Jo Swinson more like this
tabling member
372
label Biography information for Austin Mitchell more like this
143349
registered interest false more like this
date less than 2014-11-07more like thismore than 2014-11-07
answering body
Department for Business, Innovation and Skills more like this
answering dept id 26 more like this
answering dept short name Business, Innovation and Skills more like this
answering dept sort name Business, Innovation and Skills more like this
hansard heading Insolvency remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Secretary of State for Business, Innovation and Skills, what estimate his Department has made of the costs to insolvency practitioners of holding a physical creditor meeting in an insolvency procedure. more like this
tabling member constituency Chesterfield more like this
tabling member printed
Toby Perkins more like this
uin 213841 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2014-11-19more like thismore than 2014-11-19
answer text <p>The cost of holding a meeting varies according to the insolvency process and the nature of the meeting being held.</p><p> </p><p>Estimates of the cost of the initial meetings in various insolvency procedures are included in the Impact Assessment [“Small Business, Enterprise and Employment Bill: proposed changes to the law governing insolvency proceedings impact assessment”, BIS/14/935, 30 October 2014] and range from £144 in a bankruptcy to £420 for an administration.</p><p> </p><table><tbody><tr><td><p><strong>Process</strong></p></td><td><p><strong>Cost of meeting/£</strong></p></td></tr><tr><td><p>Creditors’ voluntary liquidation</p></td><td><p>294</p></td></tr><tr><td><p>Administration</p></td><td><p>420</p></td></tr><tr><td><p>Compulsory winding-up (official receiver)</p></td><td><p>144</p></td></tr><tr><td><p>Company voluntary arrangement</p></td><td><p>420</p></td></tr><tr><td><p>Bankruptcy (official receiver)</p></td><td><p>144</p></td></tr><tr><td><p>Individual voluntary arrangement</p></td><td><p>420</p></td></tr></tbody></table><p> </p><p> </p><p> </p>
answering member constituency East Dunbartonshire more like this
answering member printed Jo Swinson remove filter
question first answered
less than 2014-11-19T14:32:04.867Zmore like thismore than 2014-11-19T14:32:04.867Z
answering member
1513
label Biography information for Jo Swinson more like this
tabling member
3952
label Biography information for Mr Toby Perkins more like this
143350
registered interest false more like this
date less than 2014-11-07more like thismore than 2014-11-07
answering body
Department for Business, Innovation and Skills more like this
answering dept id 26 more like this
answering dept short name Business, Innovation and Skills more like this
answering dept sort name Business, Innovation and Skills more like this
hansard heading Insolvency remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Secretary of State for Business, Innovation and Skills, what estimate his Department has made of the saving to the public purse made by removing the provision for insolvency practitioners to call a physical creditor meeting. more like this
tabling member constituency Chesterfield more like this
tabling member printed
Toby Perkins more like this
uin 213842 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2014-11-19more like thismore than 2014-11-19
answer text <p>The savings to creditors identified in the first year from removal of the requirement to hold a meeting and abolition of final meetings in liquidations and bankruptcies where the official receiver is not the office holder, are estimated to be at least £9.2m (comprised of £2.9m for removal of requirement for meetings and £6.3m for abolition of final meetings).</p><p> </p><p>We have not sought to quantify the savings to the public purse, such as the specific benefit to HMRC as a creditor. We have however estimated that around 10% of creditors are not businesses, so approximately £0.9m of savings can be attributed to such creditors as Crown departments, employees and customers for deposits.</p><p> </p><p>The savings figures are based on 2013 costs.</p> more like this
answering member constituency East Dunbartonshire more like this
answering member printed Jo Swinson remove filter
question first answered
less than 2014-11-19T14:34:37.817Zmore like thismore than 2014-11-19T14:34:37.817Z
answering member
1513
label Biography information for Jo Swinson more like this
tabling member
3952
label Biography information for Mr Toby Perkins more like this
143351
registered interest false more like this
date less than 2014-11-07more like thismore than 2014-11-07
answering body
Department for Business, Innovation and Skills more like this
answering dept id 26 more like this
answering dept short name Business, Innovation and Skills more like this
answering dept sort name Business, Innovation and Skills more like this
hansard heading Insolvency remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Secretary of State for Business, Innovation and Skills, what estimate his Department has made of the proportion of (a) secured and (b) unsecured creditors who attend creditor meetings during an insolvency procedure. more like this
tabling member constituency Chesterfield more like this
tabling member printed
Toby Perkins more like this
uin 213843 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2014-11-19more like thismore than 2014-11-19
answer text <p>There is no central record of how many creditors attend meetings in person, but evidence indicates that attendance at meetings is very low and that many meetings are not attended at all.</p><p> </p><p>The 2013 report, “Review of Insolvency Practitioner Fees” by Professor Elaine Kempson, estimated that only 4% of creditors attend meetings in person and that fully secured creditors seldom attend in person.</p><p> </p><p>The report goes on to say that two firms had actually calculated the percentage of creditors attending meetings in person. A large firm had calculated that 1% of creditors do so, and a smaller firm had calculated the amount to be 3.5%.</p> more like this
answering member constituency East Dunbartonshire more like this
answering member printed Jo Swinson remove filter
question first answered
less than 2014-11-19T14:33:03.063Zmore like thismore than 2014-11-19T14:33:03.063Z
answering member
1513
label Biography information for Jo Swinson more like this
tabling member
3952
label Biography information for Mr Toby Perkins more like this
156916
registered interest false more like this
date less than 2014-11-20more like thismore than 2014-11-20
answering body
Department for Business, Innovation and Skills more like this
answering dept id 26 more like this
answering dept short name Business, Innovation and Skills more like this
answering dept sort name Business, Innovation and Skills more like this
hansard heading Insolvency remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Secretary of State for Business, Innovation and Skills, what discussions he has had with the Secretary of State for Justice on the effect of the changes to insolvency litigation in the Legal Aid, Sentencing and Punishment of Offenders Act 2012 on the Government's ability to tackle director misconduct. more like this
tabling member constituency Chesterfield more like this
tabling member printed
Toby Perkins more like this
uin 215435 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2014-11-25more like thismore than 2014-11-25
answer text <p>Ministers are regularly in touch about matters in which they have a common interest.</p><p> </p><p>The changes in the Legal Aid, Sentencing and Punishment of Offenders Act 2012 are not expected to have any impact on the c.1, 200 directors we disqualify every year as a result of actions brought by officials in The Insolvency Service.</p><p> </p> more like this
answering member constituency East Dunbartonshire more like this
answering member printed Jo Swinson remove filter
question first answered
less than 2014-11-25T13:33:49.413Zmore like thismore than 2014-11-25T13:33:49.413Z
answering member
1513
label Biography information for Jo Swinson more like this
tabling member
3952
label Biography information for Mr Toby Perkins more like this
156913
registered interest false more like this
date less than 2014-11-20more like thismore than 2014-11-20
answering body
Department for Business, Innovation and Skills more like this
answering dept id 26 more like this
answering dept short name Business, Innovation and Skills more like this
answering dept sort name Business, Innovation and Skills more like this
hansard heading Insolvency remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Secretary of State for Business, Innovation and Skills, what assessment he has made of the effect on financial redress for creditors from April 2015 of changes to funding of insolvency litigation in the Legal Aid, Sentencing and Punishment of Offenders Act 2012. more like this
tabling member constituency Chesterfield more like this
tabling member printed
Toby Perkins more like this
uin 215424 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2014-11-27more like thismore than 2014-11-27
answer text <p>Insolvency trade body, R3, commissioned research to try to measure the impact of the civil justice reforms on insolvency litigation. This research estimates that contingency fee arrangement backed insolvency litigation realises £150m-160m per annum.</p><p>When the exemption for insolvency proceedings was introduced in 2013 the impact assessment made the assumption that by April 2015 alternative funding arrangements would have been developed for insolvency cases. On that basis it was assumed there would be no major impact on the volume of insolvency cases which were pursued, or on the value of assets recovered in the long-run, although the risk of recoveries falling was acknowledged.</p> more like this
answering member constituency East Dunbartonshire more like this
answering member printed Jo Swinson remove filter
question first answered
less than 2014-11-27T15:41:30.097Zmore like thismore than 2014-11-27T15:41:30.097Z
answering member
1513
label Biography information for Jo Swinson more like this
tabling member
3952
label Biography information for Mr Toby Perkins more like this
173352
registered interest false more like this
date less than 2015-01-13more like thismore than 2015-01-13
answering body
Department for Business, Innovation and Skills more like this
answering dept id 26 more like this
answering dept short name Business, Innovation and Skills more like this
answering dept sort name Business, Innovation and Skills more like this
hansard heading Insolvency remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Secretary of State for Business, Innovation and Skills, what recent representations he has received from creditors of companies which go into insolvency about the Insolvency Act 1986. more like this
tabling member constituency Huddersfield more like this
tabling member printed
Mr Barry Sheerman more like this
uin 220648 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2015-01-19more like thismore than 2015-01-19
answer text <p>I regularly receive representations from those who are owed monies by insolvent companies. Unfortunately it is the inevitable consequence of insolvency that some creditors will remain unpaid, but the Government is committed to making sure that we have the fairest possible insolvency regime for when things go wrong. Measures contained in the Small Business, Enterprise and Employment Bill will benefit creditors by saving an estimated £20m per year from the cost of insolvency proceedings.</p><p> </p> more like this
answering member constituency East Dunbartonshire more like this
answering member printed Jo Swinson remove filter
question first answered
less than 2015-01-19T11:32:35.843Zmore like thismore than 2015-01-19T11:32:35.843Z
answering member
1513
label Biography information for Jo Swinson more like this
tabling member
411
label Biography information for Mr Barry Sheerman more like this
173353
registered interest false more like this
date less than 2015-01-13more like thismore than 2015-01-13
answering body
Department for Business, Innovation and Skills more like this
answering dept id 26 more like this
answering dept short name Business, Innovation and Skills more like this
answering dept sort name Business, Innovation and Skills more like this
hansard heading Insolvency remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Secretary of State for Business, Innovation and Skills, what recent representations he has received from creditors of companies which have gone into liquidation about the priority of payments in cases of liquidation. more like this
tabling member constituency Huddersfield more like this
tabling member printed
Mr Barry Sheerman more like this
uin 220650 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2015-01-19more like thismore than 2015-01-19
answer text <p>I occasionally receive representations from creditors of companies in liquidation about priority of payments in those cases. In broad terms, the principle applied in insolvency cases is that creditors are treated equally, and will receive any payment they are due after the fees, costs and expenses of the liquidation have been paid. This is not an area which the Government has any current plans to change.</p><p> </p> more like this
answering member constituency East Dunbartonshire more like this
answering member printed Jo Swinson remove filter
question first answered
less than 2015-01-19T14:59:02.09Zmore like thismore than 2015-01-19T14:59:02.09Z
answering member
1513
label Biography information for Jo Swinson more like this
tabling member
411
label Biography information for Mr Barry Sheerman more like this
174649
registered interest false more like this
date less than 2015-01-20more like thismore than 2015-01-20
answering body
Department for Business, Innovation and Skills more like this
answering dept id 26 more like this
answering dept short name Business, Innovation and Skills more like this
answering dept sort name Business, Innovation and Skills more like this
hansard heading Insolvency remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Secretary of State for Business, Innovation and Skills, what factors the Insolvency Service takes into account when reviewing the fees it charges. more like this
tabling member constituency Huddersfield more like this
tabling member printed
Mr Barry Sheerman more like this
uin 221389 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2015-01-26more like thismore than 2015-01-26
answer text <p>The Insolvency Service sets its fees in accordance with HM Treasury’s ‘Managing Public Money’ principles which require that the standard approach is to set charges to recover the full costs of dealing with the cases it administers. The costs which must be taken into account are set out in the Managing Public Money Guidance published by HM Treasury.</p><p> </p><p> </p><p> </p><p>The intention with insolvency fees is to ensure that those who benefit from the insolvency regime should be the ones to fund it, so that an efficient and fair insolvency regime can be provided. When reviewing fees, Ministers consider the impact of any changes on the different interests that might be affected through an Impact Assessment.</p><p> </p> more like this
answering member constituency East Dunbartonshire more like this
answering member printed Jo Swinson remove filter
question first answered
less than 2015-01-26T10:38:48.707Zmore like thismore than 2015-01-26T10:38:48.707Z
answering member
1513
label Biography information for Jo Swinson more like this
tabling member
411
label Biography information for Mr Barry Sheerman more like this