§ 2.46 p.m.
§ Lord MishconMy Lords, in the absence of my noble friend Lord Bruce of Donington, and at his request, I beg leave to ask the Question standing in his name on the Order Paper.
§ The Question was as follows:
§ To ask Her Majesty's Government when they propose to introduce legislation following their consideration of the Cork Report on Insolvency Law and Practice (Cmnd. 8998) published in June 1982 and the responses they have received to the issues raised in A Revised Framework for Insolvency Law (Cmnd. 9175), presented to Parliament in February 1984.
§ The Minister of State, Ministry of Agriculture, Fisheries and Food (Lord Belstead)My Lords, responses on the White Paper proposals have been received from many interested bodies and individuals. Their responses are still under consideration, but will be borne in mind during the drafting of the insolvency reform legislation which, subject to other pressures on the parliamentary timetable, we intend to introduce in the next Session of Parliament.
§ Lord MishconMy Lords, I thank the noble Lord the Minister for that very helpful reply. Is he aware that the speech which was made to the Institute of Directors on 4th May by his honourable friend Mr Alex Fletcher, the Minister responsible for Corporate and Consumer Affairs, was generally welcomed, particularly when, in the course of that speech, he said that:
the Government's proposals for new insolvency legislation present no threat to the vast majority of directors who act responsibly, but let the irresponsibles watch out"?Is the noble Lord further aware that the sooner this legislation comes before Parliament, the better?
§ Lord BelsteadMy Lords, I am grateful to the noble Lord, Lord Mishcon, for the welcome which he has given to my honourable friend's words on the position of company directors in the speech which he made earlier this month. I hope that the Answer which I have given to the original Question may also be acceptable to the noble Lord.