Comet Group: Insolvency

Department for Business, Energy and Industrial Strategy written question – answered on 27th February 2020.

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Photo of Lord Myners Lord Myners Non-affiliated

To ask Her Majesty's Government what assessment they have made of the (1) report by the Institute of Accountants in England and Wales into the insolvency of Comet Group and the losses sustained by HMRC, published on 31 January, and (2) implications, if any, for the (a) collapse of Monarch Airline, and (b) request for governmental financial support from Flybe and its immediate and ultimate owners.

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

The Government is aware of the findings of the investigation by the Institute of Chartered Accountants in England and Wales (ICAEW) into the conduct of the administrators of Comet Group Limited and the resulting consent order setting out the disciplinary action taken. The Government supports the aims of the regulatory framework for insolvency practitioners and the Government’s Insolvency Service works closely with the Recognised Professional Bodies, such as the ICAEW, in ensuring appropriate action is taken when needed following an insolvency. Regarding Flybe, it would not be appropriate for Government to comment on the speculation as to its financial affairs.

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