§ Mr. Stephen Rossasked the Secretary of State for Trade and Industry whether he is satisfied with the present state of company liquidation law; when he expects fully to implement the recommendations of the Cork report on insolvency; and if he will make a statement.
§ Mr. FletcherNo, I am not satisfied. That is why we propose to amend the legislation by the Insolvency Bill which was introduced in another place on 10 December 1984. The Government's response to the report of the review committee on insolvency law and practice—the Cork report — was contained in the White Paper "A Revised Framework for Insolvency Law" published last February, Cmnd. 9175, which met with general approval. A number of modifications to the White Paper proposals made in light of comments received, including wider grounds for relief for directors from automatic 45W disqualification, were announced on 1 August 1984. The principal of these were described in a memorandum, copies of which were placed in the Library of this House.