To ask the Secretary of State for Business, Energy and Industrial Strategy, what recent assessment he has made of the effectiveness of the corporate insolvency framework.
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.
Following the publication of the summary of responses to the consultation in September 2016, the Government has continued to engage with a very wide 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.