§ 23. Mr. McCrindleasked the Secretary of State for Trade and Industry if he will introduce legislation to remove limited liability from the directors of failed companies up to a period of three years from the date of liquidation or receivership of the company concerned.
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§ Mr. Alexander FletcherThe report of the insolvency law review committee contained a number of recommendations for dealing with the problem of directors of failed companies, including removal of limited liability. I think that it is important that proposals for insolvency law reform should be dealth with as a whole. I intend to issue a White Paper in the new year stating the Government's conclusions with a view to legislation as soon as possible thereafter.