§ 87. Mr. Holt
To ask the Chancellor of the Duchy of Lancaster whether he has any proposals to seek to amend the Insolvency Act 1986; and if he will make a statement.
§ Mr. Maude
There are no plans to amend the Insolvency Act 1986 itself in the foreseeable future. Amendments to the insolvency legislation are included however in the Companies Bill. Part 7 of the Bill, which relates to financial markets, modifies certain parts of the Insolvency Act 1986. Section 323 of the Insolvency Act 1986, which deals with set-off in bankruptcy, is amended by part VIII of the Bill. In order to retain harmonisation rule 4.90 of the Insolvency Rules 1986, which deals with set-off in companies winding up, will also be amended, although this amendment will be effected by way of a change to the Insolvency Rules 1986 and not by the Companies Bill.
Additional minor amendments to the insolvency legislation will be considered when suitable legislative vehicles become available.