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1686946

registered interest
date	01/02/2024
answering body	Department for Business and Trade
answering dept id	214
answering dept short name	Business and Trade
answering dept sort name	Business and Trade
hansard heading	Insolvency
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government, following reports that corporate insolvencies rose to their highest level in 30 years last year, what steps they are taking to assist companies that are struggling.
tabling member printed	Lord Taylor of Warwick
uin	HL2153
answer	answer is ministerial correction date of answer 15/02/2024 answer text <p>The Government delivered nearly £27 billion of Business Grant Support during the pandemic and continues to support UK small businesses via a substantial business rates package worth £4.3 billion over the next 5 years. The Energy Bill Relief Scheme protects eligible businesses from excessively high energy bills over winter periods.</p><p> </p><p>The British Business Bank supports 12.4bn of finance through targeted interventions such as The Recovery Loan Scheme and Pay as You Grow for businesses under the Bounce Back Loan Scheme, offering repayment options where required.</p><p> </p><p>Additional SME support is available via GOV.UK, the Business Support Helpline and local Growth Hubs.</p> answering member printed Lord Offord of Garvel question first answered 15/02/2024 10:47:28 answering member 4931 label Biography information for Lord Offord of Garvel
tabling member	1796 label Biography information for Lord Taylor of Warwick

1682838

registered interest
date	17/01/2024
answering body	Department for Business and Trade
answering dept id	214
answering dept short name	Business and Trade
answering dept sort name	Business and Trade
hansard heading	Insolvency
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government, further to recent figures released by the Government Insolvency Service which found that 2002 companies were declared insolvent last month, what plans they have to support companies facing monetary challenges and mitigate the rise in insolvencies.
tabling member printed	Lord Taylor of Warwick
uin	HL1722
answer	answer is ministerial correction date of answer 31/01/2024 answer text <p>While insolvencies have risen in absolute terms, when this is compared to the number of active firms in the economy, the proportion of liquidations is well below previous periods of high insolvency numbers. The Government continues to help businesses with measures such as the Energy Bills Discount Scheme; the frozen business rates multiplier for 2023/24 resulting in bills that were 6% lower; increased 75% business rates relief for retail, hospitality and leisure properties; £1.6bn Transitional Relief, protecting ratepayers facing bill increases and the Supporting Small Business scheme that provides over £500 million in support.</p> answering member printed Lord Offord of Garvel question first answered 31/01/2024 16:04:19 answering member 4931 label Biography information for Lord Offord of Garvel
tabling member	1796 label Biography information for Lord Taylor of Warwick

1662053

registered interest
date	19/09/2023
answering body	Department for Business and Trade
answering dept id	214
answering dept short name	Business and Trade
answering dept sort name	Business and Trade
hansard heading	Insolvency
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Business and Trade, whether her Department has made an assessment of the potential merits of (a) introducing measures to hold company directors to account for businesses going into administration, (b) giving employees more security by way of secured creditor status in respect of redundancy payments and arrears of pay, (c) putting in place a statutory duty on insolvency practitioners to pay out outstanding wages and notice pay as the first duty when a company ceases to trade as a result of an insolvency.
tabling member constituency	Manchester, Gorton
tabling member printed	Afzal Khan
uin	200536
answer	answer is ministerial correction date of answer 18/10/2023 answer text <p>Measures to hold directors to account already exist. When a company enters administration, the administrator has a legal duty to report to the Insolvency Service on the directors’ conduct. The Insolvency Service may seek the directors’ disqualification where there is evidence of their misconduct, and it is in the public interest. Potential criminal offences are referred to the appropriate authority.</p><p>To ensure fairness, the law requires that available funds in an insolvency are distributed in a certain order and Government has no current plans to change this.</p><p>As part of their statutory duties, Insolvency Practitioners must provide necessary information to the Redundancy Payments Service to facilitate the processing of employee claims when their employer enters insolvency.</p><p>The Government recently announced a strengthening of the Insolvency Practitioner regulatory framework aimed at increasing transparency and bolstering confidence in regulation.</p> answering member constituency Thirsk and Malton answering member printed Kevin Hollinrake question first answered 18/10/2023 07:42:48 answering member 4474 label Biography information for Kevin Hollinrake
tabling member	4671 label Biography information for Afzal Khan

1646782

registered interest
date	22/06/2023
answering body	Department for Business and Trade
answering dept id	214
answering dept short name	Business and Trade
answering dept sort name	Business and Trade
hansard heading	Insolvency
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Business and Trade, how many (a) businesses and (b) people filed for bankruptcy in (i) York, (ii) Yorkshire and the Humber and (iii) England in each year since 2015.
tabling member constituency	York Central
tabling member printed	Rachael Maskell
uin	190867
answer	answer is ministerial correction date of answer 28/06/2023 answer text <p>Information on company insolvencies is sourced from Companies House, which holds information on companies only, not all business types. Furthermore, the registered office address for a company may not be its trading location, and is often the address of the appointed Insolvency Practitioner handling the case.</p><p>Subject to these caveats, numbers of company insolvencies in the requested locations were:</p><table><tbody><tr><td><p>Year</p></td><td><p>York</p></td><td><p>Yorkshire and the Humber</p></td><td><p>England</p></td></tr><tr><td><p>2015</p></td><td><p>102</p></td><td><p>1,850</p></td><td><p>13,913</p></td></tr><tr><td><p>2016</p></td><td><p>90</p></td><td><p>1,944</p></td><td><p>13,968</p></td></tr><tr><td><p>2017</p></td><td><p>61</p></td><td><p>1,857</p></td><td><p>13,976</p></td></tr><tr><td><p>2018</p></td><td><p>74</p></td><td><p>2,005</p></td><td><p>15,390</p></td></tr><tr><td><p>2019</p></td><td><p>99</p></td><td><p>2,140</p></td><td><p>16,554</p></td></tr><tr><td><p>2020</p></td><td><p>67</p></td><td><p>1,654</p></td><td><p>12,266</p></td></tr><tr><td><p>2021</p></td><td><p>86</p></td><td><p>2,103</p></td><td><p>13,701</p></td></tr><tr><td><p>2022</p></td><td><p>140</p></td><td><p>2,855</p></td><td><p>21,544</p></td></tr><tr><td><p>2023 (to 31 May)</p></td><td><p>38</p></td><td><p>1,164</p></td><td><p>9,682</p></td></tr></tbody></table><p> </p><p> </p><p> </p><p>The numbers of individuals who entered bankruptcy were:</p><p> </p><table><tbody><tr><td><p>Year</p></td><td><p>York</p></td><td><p>Yorkshire and the Humber</p></td><td><p>England</p></td></tr><tr><td><p>2015</p></td><td><p>47</p></td><td><p>1,558</p></td><td><p>14,808</p></td></tr><tr><td><p>2016</p></td><td><p>44</p></td><td><p>1,381</p></td><td><p>14,131</p></td></tr><tr><td><p>2017</p></td><td><p>47</p></td><td><p>1,362</p></td><td><p>14,220</p></td></tr><tr><td><p>2018</p></td><td><p>37</p></td><td><p>1,535</p></td><td><p>15,656</p></td></tr><tr><td><p>2019</p></td><td><p>39</p></td><td><p>1,474</p></td><td><p>15,801</p></td></tr><tr><td><p>2020</p></td><td><p>34</p></td><td><p>1,162</p></td><td><p>12,003</p></td></tr><tr><td><p>2021</p></td><td><p>15</p></td><td><p>766</p></td><td><p>8,232</p></td></tr><tr><td><p>2022</p></td><td><p>26</p></td><td><p>580</p></td><td><p>6,322</p></td></tr></tbody></table><p> </p><p>Numbers for 2023 form part of Official Statistics to be published in March/April 2024. The latest release can be found at <a href="https://www.gov.uk/government/statistics/individual-insolvencies-by-location-age-and-gender-england-and-wales-2022" target="_blank">Individual Insolvencies by Location, Age and Gender, England and Wales, 2022</a>.</p> answering member constituency Thirsk and Malton answering member printed Kevin Hollinrake question first answered 28/06/2023 14:21:15 answering member 4474 label Biography information for Kevin Hollinrake
tabling member	4471 label Biography information for Rachael Maskell

1604147

registered interest
date	14/03/2023
answering body	Department for Business and Trade
answering dept id	214
answering dept short name	Business and Trade
answering dept sort name	Business and Trade
hansard heading	Insolvency
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Business and Trade, what information her Department holds on how many people have accessed a personal insolvency solution while the Insolvency Service has been conducting its Review of the personal insolvency framework.
tabling member constituency	Makerfield
tabling member printed	Yvonne Fovargue
uin	165346
answer	answer is ministerial correction date of answer 22/03/2023 answer text <p>The number of people entering a formal personal insolvency solution since the commencement of the personal insolvency review at the beginning of July 2022 until 28 February 2023 was 74,124.</p><p> </p><p>The Insolvency Service publishes official statistics each month on the number of people entering a personal insolvency solution. The latest insolvency statistics can be accessed at <a href="https://www.gov.uk/government/statistics/monthly-insolvency-statistics-february-2023" target="_blank">https://www.gov.uk/government/statistics/monthly-insolvency-statistics-february-2023</a>.</p> answering member constituency Thirsk and Malton answering member printed Kevin Hollinrake question first answered 22/03/2023 17:07:13 answering member 4474 label Biography information for Kevin Hollinrake
tabling member	4034 label Biography information for Yvonne Fovargue

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