Insolvency: EU Law

Department for Business, Energy and Industrial Strategy written question – answered on 4th April 2018.

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Photo of Lord Flight Lord Flight Conservative

To ask Her Majesty's Government what plans they have to implement the EU's Insolvency, Restructuring and Second Chance Directive.

Photo of Lord Henley Lord Henley Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy)

The proposed Directive on preventive restructuring frameworks, second chance and insolvency measures is currently still under negotiation in Brussels. Given this stage of the process and the ongoing negotiations on withdrawal from the EU, it is not possible to say whether, if adopted by the EU, the provisions would be implemented in the UK.

Similar proposals to those in the draft Directive were consulted on by the Government in the Review of the Corporate Insolvency Framework consultation published in May 2016. The consultation contained a package of proposals to improve the rescue opportunities for financially-distressed companies. A summary of responses to the consultation was published in September 2016 and the Government will set out the way forward for the proposals in its response later this year.

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