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Insolvency

Question for Department for Business, Energy and Industrial Strategy

UIN HL5718, tabled on 21 February 2018

To ask Her Majesty's Government what assessment they have made of the potential economic benefits of introducing reforms of the UK’s corporate insolvency framework.

Answered on

5 March 2018

In May 2016 the Government published its Review of the Corporate Insolvency Framework consultation. The consultation contained a package of proposals to improve the rescue opportunities for financially-distressed companies in Great Britain.

A summary of responses to the consultation was published in September 2016.

Following the publication of the summary of responses, the Government has continued to engage with a range of interested parties to further discuss and explore issues raised in responses to the consultation. This further engagement will ensure that any reforms, if necessary, will be fit for purpose and best achieve the Government’s aims of rescuing distressed but viable businesses, therefore preserving both value and jobs.

The Government recognises the importance of the insolvency and restructuring regime to the wider UK economy and the important role it plays in, amongst other things, creating strong conditions for growth and access to credit. The consultation stage impact assessment is available from www.gov.uk.

A full response to the consultation will be published later this year.