HC Deb 22 January 1997 vol 288 cc637-8W
28. Mr. McNamara

To ask the President of the Board of Trade if he will make a statement concerning private creditors of firms going into liquidation. [10620]

Mr. John M. Taylor

There is no category of private creditor recognised by the insolvency legislation. Creditors are, therefore, either secured, preferential or unsecured and a private individual could fall into any one of these categories. Their rights are determined in most cases by their contract with the company and by statutory provisions contained principally in the Insolvency Act 1986.