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1551851

registered interest
date	14/12/2022
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	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Business, Energy and Industrial Strategy, whether he is taking steps to ensure that company directors whose businesses close due to insolvent liquidation cannot re-open under a different company name.
tabling member constituency	Cynon Valley
tabling member printed	Beth Winter
uin	110898
answer	answer is ministerial correction date of answer 21/12/2022 answer text <p>Directors of an insolvent business may run a similar business unless they are prevented from doing so, such as due to being disqualified or subject to a bankruptcy order.</p><p> </p><p>Where the system is abused, for example where a director repeatedly causes harm to creditors the Insolvency Service will investigate and, where there is evidence and it is in the public interest, bring disqualification proceedings or take prosecution action against a director.</p><p> </p><p>The Government is constantly seeking to improve protections to creditors and consumers. Last year, new powers were introduced to allow for the investigation and disqualification of former directors of dissolved companies, which will deter delinquent directors from abusing the dissolution process to leave creditors unpaid.</p> answering member constituency Thirsk and Malton answering member printed Kevin Hollinrake question first answered 21/12/2022 16:21:36 answering member 4474 label Biography information for Kevin Hollinrake
tabling member	4809 label Biography information for Beth Winter

1490655

registered interest
date	19/07/2022
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	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Business, Energy and Industrial Strategy, with reference to the case of the Lamp Insurance Company Limited, if he will make an assessment of the adequacy of the steps required of (a) liquidators and (b) regulatory bodies in (i) Gibraltar and (ii) the UK to ensure that (A) creditors and (B) consumers are protected when a company goes into liquidation.
tabling member constituency	Bootle
tabling member printed	Peter Dowd
uin	39879
answer	answer is ministerial correction date of answer 05/09/2022 answer text <p>LAMP Insurance Company Limited is a Gibraltar-incorporated and registered company which was authorised and regulated by the Gibraltar Financial Services Commission. The company was placed into liquidation in Gibraltar on 31 May 2019 in accordance with the Gibraltar Insolvency Act 2011. The UK Government has no involvement in the legal or regulatory functions of the authorities in Gibraltar.</p><p> </p><p>LAMP Insurance Company Limited also operated in the UK and was authorised by the Financial Conduct Authority and the Prudential Regulation Authority. In the event that an authorised insurer fails operating in the UK or Gibraltar, there are consumer protections in place. Eligible policyholders can seek compensation from the Financial Services Compensation Scheme and refer claims disputes to the Financial Ombudsman Service. Creditors of the company who are not policyholders can lodge their claims and obtain further information via the Liquidator’s appointed agents, Grant Thornton Limited, who can be contacted by email at <a href="mailto:lampinsurance@gi.gt.com" target="_blank">lampinsurance@gi.gt.com</a>.</p> answering member constituency Loughborough answering member printed Jane Hunt question first answered 05/09/2022 08:34:55 answering member 4839 label Biography information for Jane Hunt
tabling member	4397 label Biography information for Peter Dowd

1471661

registered interest
date	20/06/2022
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	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Business, Energy and Industrial Strategy, what assessment he has made of the potential merits of (a) increasing the value of penalties that Companies House levies on companies for filing failures that trigger automatic strike-off routines, and (b) using the funds raised from such penalties to fund Insolvency Service investigations of insolvent companies.
tabling member constituency	Rutherglen and Hamilton West
tabling member printed	Margaret Ferrier
uin	21210
answer	answer is ministerial correction date of answer 27/06/2022 answer text <p>The late filing penalty regime was introduced to encourage directors to file their accounts on time. Using it as a source of revenue to fund investigation activity would present difficulties, as it would mean relying on behaviour that we are actively trying to discourage.</p><p> </p><p>We are reviewing funding as part of our wider reforms, and have committed to ensuring that fees remain low by international standards.</p> answering member constituency Sutton and Cheam answering member printed Paul Scully question first answered 27/06/2022 08:32:32 answering member 4414 label Biography information for Paul Scully
tabling member	4386 label Biography information for Margaret Ferrier

1465897

registered interest
date	25/05/2022
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	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Business, Energy and Industrial Strategy, if he will introduce new regulatory regimes to provide statutory protections for consumers aimed at strengthening protections for policy holders with companies in administration.
tabling member constituency	Midlothian
tabling member printed	Owen Thompson
uin	9068
answer	answer is ministerial correction date of answer 06/06/2022 answer text <p>The insolvency regime strikes a balance when distributing funds from insolvent estates to ensure that all creditors in an insolvency are treated fairly. Changing that balance, by giving a higher priority to certain customers, will have a detrimental impact on other unsecured creditors, as well as having wider implications (for example, on lending, credit terms, and other trade activity). Protection of policy holders is a matter for regulators in the sectors in which they operate rather than in the insolvency framework.</p> answering member constituency Sutton and Cheam answering member printed Paul Scully question first answered 06/06/2022 16:13:30 answering member 4414 label Biography information for Paul Scully
tabling member	4482 label Biography information for Owen Thompson

1438122

registered interest
date	04/03/2022
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	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Business, Energy and Industrial Strategy, what forecast his Department has made of the potential change in the level of individual insolvencies over the next 12 months.
tabling member constituency	Cynon Valley
tabling member printed	Beth Winter
uin	134419
answer	answer is ministerial correction date of answer 14/03/2022 answer text <p>The Department does not produce any official forecasts for individual insolvencies. The Insolvency Service does, however, undertake analysis to assist with operational planning.</p><p> </p><p>Over the last year individual insolvencies have begun returning to levels seen prior to the pandemic and this trend is expected to continue over the next 12 months.</p> answering member constituency Sutton and Cheam answering member printed Paul Scully question first answered 14/03/2022 17:05:21 answering member 4414 label Biography information for Paul Scully
tabling member	4809 label Biography information for Beth Winter

1382686

registered interest
date	26/11/2021
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	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Business, Energy and Industrial Strategy, whether there is a threshold for the number of customers a company must have to be entered into the Special Administration Regime, rather than using the Supplier of Last Resort mechanism.
tabling member constituency	Southampton, Test
tabling member printed	Dr Alan Whitehead
uin	82265
answer	answer is ministerial correction date of answer 06/12/2021 answer text <p>There is no set threshold at which a company would be entered into a Special Administration Regime. Ofgem consider the specifics of the failed supplier and the circumstances in the supply market at the time. If Ofgem considers a Special Administration Regime appropriate, it may make an application to the Court for a decision, with the consent of the Secretary of State.</p> answering member constituency Chelsea and Fulham answering member printed Greg Hands question first answered 06/12/2021 16:18:43 answering member 1526 label Biography information for Greg Hands previous answer version 36223 answering member constituency Chelsea and Fulham answering member printed Greg Hands answering member 1526 label Biography information for Greg Hands
tabling member	62 label Biography information for Dr Alan Whitehead

1308623

registered interest
date	13/04/2021
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	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Business, Energy and Industrial Strategy, whether he has plans to create a single, independent regulatory body for insolvency practitioners before his power to do so expires in 2022 in accordance with the Small Business, Enterprise and Employment Act 2015.
tabling member constituency	Thirsk and Malton
tabling member printed	Kevin Hollinrake
uin	180554
answer	answer is ministerial correction date of answer 21/04/2021 answer text <p>The Government has conducted a call for evidence on Insolvency Practitioner regulation, which included seeking evidence and views on possible reforms of the regulatory framework. The Government will publish its response in due course.</p> answering member constituency Sutton and Cheam answering member printed Paul Scully question first answered 21/04/2021 15:59:09 answering member 4414 label Biography information for Paul Scully
tabling member	4474 label Biography information for Kevin Hollinrake

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

1301405

registered interest
date	10/03/2021
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	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Business, Energy and Industrial Strategy, how many businesses failed in each month of the 2007-08 financial crisis.
tabling member constituency	Westmorland and Lonsdale
tabling member printed	Tim Farron
uin	166362
answer	answer is ministerial correction date of answer 18/03/2021 answer text <p>Monthly data on business closures during the 2007-2008 financial crisis are not available.</p><p> </p><p>Data on total annual business closures have been provided in the table below, showing annual numbers of business closures between 2006 and 2010.</p><p> </p><p><strong>Table: Annual number of business closures, 2006 to 2010, all registered businesses</strong></p><table><tbody><tr><td><p>Year</p></td><td><p>Number of business closures</p></td></tr><tr><td><p>2006</p></td><td><p>207,000</p></td></tr><tr><td><p>2007</p></td><td><p>224,000</p></td></tr><tr><td><p>2008</p></td><td><p>223,000</p></td></tr><tr><td><p>2009</p></td><td><p>277,000</p></td></tr><tr><td><p>2010</p></td><td><p>250,000</p></td></tr></tbody></table><p><em>Source: <a href="https://www.ons.gov.uk/businessindustryandtrade/business/activitysizeandlocation/bulletins/businessdemography/2012-12-13" target="_blank">Office for National Statistics ‘Business Demography, UK: 2011’ </a></em></p> answering member constituency Sutton and Cheam answering member printed Paul Scully question first answered 18/03/2021 17:33:50 answering member 4414 label Biography information for Paul Scully
tabling member	1591 label Biography information for Tim Farron

1301406

registered interest
date	10/03/2021
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	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Business, Energy and Industrial Strategy, whether his Department has made an estimate of the number of businesses which have failed in each month since April 2020.
tabling member constituency	Westmorland and Lonsdale
tabling member printed	Tim Farron
uin	166363
answer	answer is ministerial correction date of answer 18/03/2021 answer text <p>Monthly data on business closures since April 2020 are not available.</p><p> </p><p>Quarterly data on business closures since April 2020 can be provided.</p><p> </p><p>The table below contains this information, along with numbers of business closures in each quarter of 2019 and quarter 1 2020 for reference.</p><p> </p><p><strong>Table: Quarterly UK business closures, 2019 to 2020, all registered businesses</strong></p><table><tbody><tr><td><p>Quarter and Year</p></td><td><p>Number of business closures</p></td></tr><tr><td><p>Q1 2019</p></td><td><p>85,260</p></td></tr><tr><td><p>Q2 2019</p></td><td><p>101,505</p></td></tr><tr><td><p>Q3 2019</p></td><td><p>83,145</p></td></tr><tr><td><p>Q4 2019</p></td><td><p>77,815</p></td></tr><tr><td><p>Q1 2020</p></td><td><p>120,235</p></td></tr><tr><td><p>Q2 2020</p></td><td><p>93,055</p></td></tr><tr><td><p>Q3 2020</p></td><td><p>76,265</p></td></tr><tr><td><p>Q4 2020</p></td><td><p>106,400</p></td></tr><tr><td><p> </p></td><td><p> </p></td></tr></tbody></table><p><em><a href="https://www.ons.gov.uk/businessindustryandtrade/business/activitysizeandlocation/datasets/businessdemographyquarterlyexperimentalstatisticsuk" target="_blank">Source: Office for National Statistics 'Business demography, quarterly experimental statistics, UK'</a></em></p> answering member constituency Sutton and Cheam answering member printed Paul Scully question first answered 18/03/2021 17:31:08 answering member 4414 label Biography information for Paul Scully
tabling member	1591 label Biography information for Tim Farron