§ Mr. Lilley
asked the Secretary of State for Trade and Industry whether he will introduce legislation to amend section 66 of the Bankruptcy Act 1914 so that zero coupon issues may rank in all relevant respect as equal to bonds carrying a coupon.
§ Mr. Alexander Fletcher
As I indicated in my reply to my hon. Friend the Member for Beaconsfield (Mr. Smith) on 29 June — [Vol. 44, c. 78]—I am giving urgent consideration to the programme of legislation which would be needed to reform insolvency law. The repeal of section 66 of the Bankruptcy Act 1914, which is one of the recommendations made in the report of the insolvency law review committee, will be considered for inclusion in any legislation.