§ 7.18 p.m.
§ Lord Williams of Mostyn rose to move, That the draft order laid before the House on 25th November be approved.
§ The noble and learned Lord said: My Lords, the order would introduce provisions broadly in line with those already in force in the rest of the United Kingdom by the enactment of the Insolvency Act. The legislation had passed Committee stage in the Northern Ireland Assembly.
§ The main purpose of the order is to assist small companies in financial difficulties. The Assembly Committee considering the original Bill expressed some concern about rights given to claim in respect of dwelling houses owned under joint tenancies in deceased insolvencies but it had been decided that the wording in the order should stand. It is essential that it should if creditors in deceased insolvencies in Northern Ireland are to have the same rights as their counterparts in the rest of the United Kingdom.
§ There was consultation. The replies received were favourable. I commend the order to the House.523
§ Moved, That the draft order laid before the House on 25th November be approved. (Lord Williams of Mostyn.)
§ Lord Laird
My Lords, the order will ensure that small companies in Northern Ireland can use the same company rescue procedures as their counterparts in Great Britain. The benefit of so doing is to remove the 524 potential disadvantages that local businesses in Northern Ireland could have in competing with their counterparts in Great Britain. Again, therefore, I am happy to commend the order to your Lordships.
§ On Question, Motion agreed to.
§ House adjourned at twenty minutes past seven o'clock.