§ Mr. Austin MitchellTo ask the President of the Board of Trade what consideration he has given to proposals for appointing an independent regulator for insolvency.
§ Mr. Neil HamiltonI have considered proposals for the appointment of an independent monitor in individual insolvencies. I am anxious to encourage creditors to make use of the powers available to them to supervise insolvencies and I do not believe that the additional cost of such an independent monitor is justified.
However, the Government welcome the setting up of the joint institute monitoring unit by professional bodies whose members are engaged in insolvency practice. This will provide users of insolvency procedures with a basic level of assurance as to professional standards and regulatory compliance.