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Insolvency

Department for Business, Innovation and Skills written question – answered on 19th January 2015.

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Photo of Barry Sheerman Barry Sheerman Labour, Huddersfield

To ask the Secretary of State for Business, Innovation and Skills, what recent representations he has received from creditors of companies which go into insolvency about the Insolvency Act 1986.

Photo of Jo Swinson Jo Swinson Parliamentary Under-Secretary of State (Department for Education) (Women and Equalities) , The Parliamentary Under-Secretary of State for Business, Innovation and Skills

I regularly receive representations from those who are owed monies by insolvent companies. Unfortunately it is the inevitable consequence of insolvency that some creditors will remain unpaid, but the Government is committed to making sure that we have the fairest possible insolvency regime for when things go wrong. Measures contained in the Small Business, Enterprise and Employment Bill will benefit creditors by saving an estimated £20m per year from the cost of insolvency proceedings.

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