§ 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:
- (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;
- (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;
- (iii) to suggest possible less formal procedures as alternatives to bankruptcy and company winding-up proceedings in appropriate circumstances; and
- (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.