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Insolvency

Business, Innovation and Skills written question – answered on 8th November 2011.

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Photo of Michael Weir Michael Weir Shadow SNP Spokesperson (Business), Shadow SNP Spokesperson (Energy and Climate Change)

To ask the Secretary of State for Business, Innovation and Skills what the average time taken to settle an insolvency case was in the latest period for which figures are available.

Photo of Edward Davey Edward Davey The Parliamentary Under-Secretary of State for Business, Innovation and Skills

The Insolvency Service does not record this information.

Following the introduction of the Enterprise Act 2002, administration has a statutory time limit of 12 months, although this may be extended with the permission of the court or by the agreement of creditors.

Liquidations do not have a statutory time limit, but research conducted by the Insolvency Service suggests that the average length of a liquidation is around two to 2.5 years.

The Enterprise Act 2002 also introduced a statutory 12-month time limit for bankruptcy, and provides for earlier discharge in some cases.

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