§ Mr. CousinsTo ask the President of the Board of Trade what steps he proposes to take to remedy the criticism of insolvency practitioners made by the National Audit Office.
§ Mr. Jonathan EvansThe reports of the National Audit Office and of the Public Accounts Committee contained recommendations that the Insolvency Service should seek to improve the quality and timeliness of reports submitted by insolvency practitioners concerning unfit conduct of directors in insolvent companies.
The Insolvency Service has issued revised guidelines to insolvency practitioners which emphasised the need for timeliness of reports and the adequacy of evidence to support allegations of unfit conduct. These guidelines are being reinforced by the newly constituted joint insolvency monitoring unit set up by the insolvency profession to raise standards of its members. In addition, the Insolvency Service has commenced a programme of visits to practitioners who have a poor record of reporting, backed by prosecution in extreme cases.