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To ask the Chancellor of the Exchequer
(1) what assessment he has made of the likely effects on director behaviour in the event that fewer actions are taken by insolvency practitioners as a result of implementation of the proposed changes to conditional fee arrangements and after the event insurance in insolvency litigation;
(2) what estimate he has made of the effect on HM Revenue and Customs revenue of the proposed changes to conditional fee arrangements and after the event insurance in insolvency litigation in each of the next 10 years.
I have been asked to reply.
An updated impact assessment was published alongside the Legal Aid, Sentencing and Punishment of Offenders Bill which includes provisions on the proposed reform of no win no fee conditional fee agreements. Officials are continuing to discuss the likely impacts of these changes in relation to insolvency proceedings.