HC Deb 12 July 1999 vol 335 cc44-5W
Mrs. Browning

To ask the Secretary of State for Trade and Industry what plans he has to abolish the floating charge. [90329]

Mr. Byers

[holding answer 8 July 1999]: A re-assessment of the relative rights and remedies of secured creditors in insolvencies, including the position of creditors secured by floating charges, is part of the Terms of Reference of the Joint Department of Trade and Industry and HM Treasury Review of Company Rescue Mechanisms which I announced on 2 February 1999, Official Report, column 580. It was subsequently agreed that the review should make a final report by the end of 1999.

Mrs. Browning

To ask the Secretary of State for Trade and Industry what changes he intends to make in respect of(a) the Inland Revenue and (b) Customs and Excise as priority creditors in bankruptcy cases. [90330]

Mr. Byers

[holding answer 8 July 1999]: A re-assessment of the position of the Crown as a preferential creditor in insolvencies is part of the Terms of Reference of the Joint Department of Trade and Industry and HM Treasury Review of Company Rescue Mechanisms which I announced on 2 February 1999, Official Report, column 580. It was subsequently agreed that the review should make a final report by the end of 1999.

Mrs. Browning

To ask the Secretary of State for Trade and Industry if he will define responsible risk-takers for the purpose of proposed changes in bankruptcy law; and if he will make a statement. [90331]

Mr. Byers

[holding answer 8 July 1999]: I intend to issue a consultation document on this issue in the future.