§ Mr. David ShawTo ask the President of the Board of Trade what plans he has to consult interested parties in the United Kingdom on the EC convention on insolvency proceedings. [16896]
§ Mr. OppenheimThe EC convention on involvency proceedings aims to simplify the administration of insolvency cases which have cross-border aspects by providing a framework within which the different insolvency regimes of member states can interact with more predictable consequences and more efficiently and effectively than is currently the case. It would apply only in European Union member states and then only if a debtor's centre of main interests was situated in one of those states. It is not a harmonisation measure.
The Government wish to ascertain the views of insolvency practitioners and other interested parties on the likely practical consequences if the convention were implemented in the United Kingdom. Therefore, I have today issued a consultative document on the convention and copies of the document have been placed in the Libraries of both Houses. The closing date for the submission of comments is 12 April 1996.
The convention was opened for signature on 23 November 1995 and 12 member states have already signed. It will remain open for signature until 23 May 1996.