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1141516

registered interest
date	23/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	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 impact that the proposal to make HMRC a secondary preferential creditor in insolvencies may have on business rescue support in the UK from April 2020.
tabling member printed	Baroness Burt of Solihull
uin	HL17384
answer	answer is ministerial correction date of answer 06/08/2019 answer text <p>This reform is designed to ensure that when a business becomes insolvent, more of the taxes paid in good faith by that business’s employees and customers will go to fund public services as intended, rather than being distributed to other creditors such as financial institutions.</p><p>This measure does not include a cap on the age of tax debts which will be eligible for secondary preferential status, nor an exemption for existing lending. Either proposal would introduce potential distortions into the lending market which the Government does not consider to be either fair or proportionate.</p><p>The Government does not expect this reform to have a significant impact on access to finance, the cost of borrowing, business rescue support in the UK or the UK’s ranking in the World Bank’s annual “Doing Business” report.</p><p>Consistent with the Government’s impact assessment, the independent Office for Budget Responsibility (OBR) did not make any adjustments to their economic forecast in response to this measure.</p> answering member printed Lord Young of Cookham grouped question UIN HL17385 HL17386 HL17387 question first answered 06/08/2019 13:34:00 answering member 57 label Biography information for Lord Young of Cookham
tabling member	1567 label Biography information for Baroness Burt of Solihull

1141517

registered interest
date	23/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	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 impact that their proposal to make HMRC a secondary preferential creditor in insolvencies will have on the UK’s ranking in the World Bank’s annual "Doing Business" report.
tabling member printed	Baroness Burt of Solihull
uin	HL17385
answer	answer is ministerial correction date of answer 06/08/2019 answer text <p>This reform is designed to ensure that when a business becomes insolvent, more of the taxes paid in good faith by that business’s employees and customers will go to fund public services as intended, rather than being distributed to other creditors such as financial institutions.</p><p>This measure does not include a cap on the age of tax debts which will be eligible for secondary preferential status, nor an exemption for existing lending. Either proposal would introduce potential distortions into the lending market which the Government does not consider to be either fair or proportionate.</p><p>The Government does not expect this reform to have a significant impact on access to finance, the cost of borrowing, business rescue support in the UK or the UK’s ranking in the World Bank’s annual “Doing Business” report.</p><p>Consistent with the Government’s impact assessment, the independent Office for Budget Responsibility (OBR) did not make any adjustments to their economic forecast in response to this measure.</p> answering member printed Lord Young of Cookham grouped question UIN HL17384 HL17386 HL17387 question first answered 06/08/2019 13:34:00 answering member 57 label Biography information for Lord Young of Cookham
tabling member	1567 label Biography information for Baroness Burt of Solihull

1141518

registered interest
date	23/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Insolvency
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government why HM Treasury has decided to not introduce a cap on the age of tax debts which will be eligible for secondary preferential status in insolvencies from April 2020; and what assessment they have made of the impact of this decision on the costs of insolvency procedures and business lending.
tabling member printed	Baroness Burt of Solihull
uin	HL17386
answer	answer is ministerial correction date of answer 06/08/2019 answer text <p>This reform is designed to ensure that when a business becomes insolvent, more of the taxes paid in good faith by that business’s employees and customers will go to fund public services as intended, rather than being distributed to other creditors such as financial institutions.</p><p>This measure does not include a cap on the age of tax debts which will be eligible for secondary preferential status, nor an exemption for existing lending. Either proposal would introduce potential distortions into the lending market which the Government does not consider to be either fair or proportionate.</p><p>The Government does not expect this reform to have a significant impact on access to finance, the cost of borrowing, business rescue support in the UK or the UK’s ranking in the World Bank’s annual “Doing Business” report.</p><p>Consistent with the Government’s impact assessment, the independent Office for Budget Responsibility (OBR) did not make any adjustments to their economic forecast in response to this measure.</p> answering member printed Lord Young of Cookham grouped question UIN HL17384 HL17385 HL17387 question first answered 06/08/2019 13:34:00 answering member 57 label Biography information for Lord Young of Cookham
tabling member	1567 label Biography information for Baroness Burt of Solihull

1141519

registered interest
date	23/07/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Insolvency
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government why HM Treasury has decided that existing lending will not be exempted from their policy of making HMRC a secondary preferential creditor in insolvencies; and what assessment they have made of the impact of this decision on the continued availability of existing business lending.
tabling member printed	Baroness Burt of Solihull
uin	HL17387
answer	answer is ministerial correction date of answer 06/08/2019 answer text <p>This reform is designed to ensure that when a business becomes insolvent, more of the taxes paid in good faith by that business’s employees and customers will go to fund public services as intended, rather than being distributed to other creditors such as financial institutions.</p><p>This measure does not include a cap on the age of tax debts which will be eligible for secondary preferential status, nor an exemption for existing lending. Either proposal would introduce potential distortions into the lending market which the Government does not consider to be either fair or proportionate.</p><p>The Government does not expect this reform to have a significant impact on access to finance, the cost of borrowing, business rescue support in the UK or the UK’s ranking in the World Bank’s annual “Doing Business” report.</p><p>Consistent with the Government’s impact assessment, the independent Office for Budget Responsibility (OBR) did not make any adjustments to their economic forecast in response to this measure.</p> answering member printed Lord Young of Cookham grouped question UIN HL17384 HL17385 HL17386 question first answered 06/08/2019 13:34:00 answering member 57 label Biography information for Lord Young of Cookham
tabling member	1567 label Biography information for Baroness Burt of Solihull

1139917

registered interest
date	17/07/2019
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	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps his Department is taking to prevent insolvency; and what assessment he has made of the disparity in insolvency rates between (a) regions of England and Wales and (b) men and women.
tabling member constituency	Birmingham, Selly Oak
tabling member printed	Steve McCabe
uin	278351
answer	answer is ministerial correction date of answer 23/07/2019 answer text <p>The Government is committed to helping people make good financial decisions, establishing the Money and Pensions Service to provide free support and guidance on all aspects of people’s financial lives. It has increased funding for the provision of debt advice in each of the past two years rising to almost £56million this year in England, which will deliver 560,000 debt advice sessions.</p><p> </p><p>Where individuals do get into problem debt the government has announced it will deliver its manifesto commitment for a Breathing Space scheme, which will protect debtors from creditor action, help them get professional advice on their debt problems, and enable them to find an appropriate and sustainable debt solution.</p><p> </p><p>The regional personal insolvency rate increased in 2018, driven mainly by individual voluntary arrangements (IVAs), with all regions following the national trend.</p><p> </p><p>Historically, males had a higher rate of insolvencies per 10,000 adults than females, but the gender gap noticeably narrowed from 2009 onwards and, by 2014, females began to have higher insolvency rates than males. This change coincided with a decline in the number of bankruptcies (where males have a higher rate of insolvency), the introduction and growth in the number of debt relief orders (where the rate for women is higher), and the narrowing and subsequent reversal of the gender gap for IVAs.</p><p> </p><p>The latest data providing a breakdown of individual insolvencies can be found in Individual Insolvencies by Location, Age and Gender, England and Wales, 2018; released on 17th July 2019 on the GOV.UK website.</p> answering member constituency Rochester and Strood answering member printed Kelly Tolhurst question first answered 23/07/2019 15:12:07 answering member 4487 label Biography information for Kelly Tolhurst previous answer version 130462 answering member constituency Rochester and Strood answering member printed Kelly Tolhurst answering member 4487 label Biography information for Kelly Tolhurst
tabling member	298 label Biography information for Steve McCabe

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

1126305

registered interest
date	13/05/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Insolvency
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government what was the basis for their estimate in the consultation by HMRC Protecting your taxes in insolvency, published on 26 February, that the reintroduction of preferential status for any Crown creditor would yield £185 million per annum in additional tax revenue.
tabling member printed	Baroness Hayter of Kentish Town
uin	HL15665
answer	answer is ministerial correction date of answer 22/05/2019 answer text <p>The estimate is the tax recovered from insolvencies that HM Revenue and Customs (HMRC) would not otherwise have collected before the policy was implemented. Adjustments were made for tax and payment timing.</p> answering member printed Lord Young of Cookham question first answered 22/05/2019 16:21:03 answering member 57 label Biography information for Lord Young of Cookham
tabling member	4159 label Biography information for Baroness Hayter of Kentish Town

1126306

registered interest
date	13/05/2019
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Insolvency
house id	2
legislature	25277 pref label House of Lords
question text	To ask Her Majesty's Government whether the proposals in the consultation by HMRC Protecting your taxes in insolvency, published on 26 February, to reintroduce preferential status for any Crown creditor takes into account lost Government revenue resulting from other taxpayers suffering additional bad debts due to the priority payment of HMRC, and any consequential loss to the economy resulting other taxpayers themselves becoming insolvent due to an increased burden of bad debt; and what assessment, if any, they have made of the impact of that change on lending.
tabling member printed	Baroness Hayter of Kentish Town
uin	HL15666
answer	answer is ministerial correction date of answer 22/05/2019 answer text <p>The ‘Protecting your taxes in insolvency’ proposals take into account lost government revenue resulting from other taxpayers suffering additional bad debts due to the priority payment of HMRC.</p><p> </p><p>Lending against fixed assets will not be impacted by this measure, but lending against floating assets will be impacted, as HMRC will move above secured creditors with floating charges in insolvencies.</p><p> </p><p>At Budget 2018, the independent OBR chose not to make any adjustments to their economic forecast in response to this measure.</p> answering member printed Lord Young of Cookham question first answered 22/05/2019 16:22:56 answering member 57 label Biography information for Lord Young of Cookham
tabling member	4159 label Biography information for Baroness Hayter of Kentish Town

1122701

registered interest
date	24/04/2019
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	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Business, Energy and Industrial Strategy, what progress his Department has made in progressing its proposed reforms to the corporate insolvency framework; and when he plans to bring forward legislative proposals on implementing those reforms.
tabling member constituency	Stockton North
tabling member printed	Alex Cunningham
uin	247038
answer	answer is ministerial correction date of answer 02/05/2019 answer text <p>In August 2018 the Government published its response to the 2016 ‘Review of the Corporate Insolvency Framework’ consultation and 2018 ‘Insolvency and Corporate Governance’ consultation. The Government outlined in its response its intention to proceed with a comprehensive package of reforms aimed at improving the prospects of company rescue for financially distressed companies, while improving corporate governance to ensure those affected by a company’s financial difficulties are treated fairly.</p> answering member constituency Rochester and Strood answering member printed Kelly Tolhurst question first answered 02/05/2019 12:59:45 answering member 4487 label Biography information for Kelly Tolhurst
tabling member	4122 label Biography information for Alex Cunningham

1122702

registered interest
date	24/04/2019
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	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Business, Energy and Industrial Strategy, what public consultation his Department is undertaking with the insolvency and restructuring profession on his Department’s proposed reforms of the corporate insolvency framework.
tabling member constituency	Stockton North
tabling member printed	Alex Cunningham
uin	247039
answer	answer is ministerial correction date of answer 01/05/2019 answer text <p>The Government regularly consults with and discusses matters of policy with a wide range of stakeholders in order to deliver effective, evidence-based reforms. This reflects the Government’s commitment to open and consultative policy making.</p><p> </p><p>In August 2018 the Government published its response to the 2016 ‘Review of the Corporate Insolvency Framework’ consultation and 2018 ‘Insolvency and Corporate Governance’ consultation. The Government outlined in its response its intention to proceed with a comprehensive package of reforms aimed at improving the prospects of company rescue for financially distressed companies, while improving corporate governance to ensure those affected by a company’s financial difficulties are treated fairly.</p><p> </p><p>Since publication of the response, officials have continued to consult with a range of interested parties, including representatives from the insolvency and restructuring profession, on the detail of the proposed reforms.</p><p> </p> answering member constituency Rochester and Strood answering member printed Kelly Tolhurst question first answered 01/05/2019 16:03:59 answering member 4487 label Biography information for Kelly Tolhurst
tabling member	4122 label Biography information for Alex Cunningham