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143349

registered interest
date	07/11/2014
answering body	Department for Business, Innovation and Skills
answering dept id	26
answering dept short name	Business, Innovation and Skills
answering dept sort name	Business, Innovation and Skills
hansard heading	Insolvency
house id	1
legislature	25259 pref label House of Commons
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.
tabling member constituency	Chesterfield
tabling member printed	Toby Perkins
uin	213841
answer	answer is ministerial correction date of answer 19/11/2014 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 answering member printed Jo Swinson question first answered 19/11/2014 14:32:04 answering member 1513 label Biography information for Jo Swinson
tabling member	3952 label Biography information for Mr Toby Perkins

143350

registered interest
date	07/11/2014
answering body	Department for Business, Innovation and Skills
answering dept id	26
answering dept short name	Business, Innovation and Skills
answering dept sort name	Business, Innovation and Skills
hansard heading	Insolvency
house id	1
legislature	25259 pref label House of Commons
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.
tabling member constituency	Chesterfield
tabling member printed	Toby Perkins
uin	213842
answer	answer is ministerial correction date of answer 19/11/2014 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> answering member constituency East Dunbartonshire answering member printed Jo Swinson question first answered 19/11/2014 14:34:37 answering member 1513 label Biography information for Jo Swinson
tabling member	3952 label Biography information for Mr Toby Perkins

143351

registered interest
date	07/11/2014
answering body	Department for Business, Innovation and Skills
answering dept id	26
answering dept short name	Business, Innovation and Skills
answering dept sort name	Business, Innovation and Skills
hansard heading	Insolvency
house id	1
legislature	25259 pref label House of Commons
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.
tabling member constituency	Chesterfield
tabling member printed	Toby Perkins
uin	213843
answer	answer is ministerial correction date of answer 19/11/2014 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> answering member constituency East Dunbartonshire answering member printed Jo Swinson question first answered 19/11/2014 14:33:03 answering member 1513 label Biography information for Jo Swinson
tabling member	3952 label Biography information for Mr Toby Perkins