HC Deb 25 October 1976 vol 918 c20W
Mr. Wrigglesworth

asked the Secretary of State for Trade if he will make a statement on his proposals for a wider ranging review of insolvency law in England and Wales.

Mr. Dell

I have set up a committee under the chairmanship of Mr. K. R. Cork, F.C.A., F.I.C.M., to carry out a fundamental and exhaustive reappraisal of all aspects of the insolvency laws of England and Wales with the following terms of reference:

  1. (i) to review the law and practice relating to insolvency, bankruptcy, liquidation and receiverships in England and Wales and to consider what reforms are necessary or desirable;
  2. (ii) to examine the possibility of formulating a comprehensive insolvency system and the extent to which existing procedures might, with advantage, be harmonised and integrated;
  3. (iii) to suggest possible less formal procedures as alternatives to bankruptcy and company winding-up proceedings in appropriate circumstances; and
  4. (iv) to make recommendations.

The committee will consist mainly of representatives of the legal, accounting and other professional bodies in England and Wales, and the work is expected to take between two-three years.