Insolvency

This page highlights some of the current parliamentary material available on insolvency, including bankruptcy and company liquidations. This includes select committee reports, briefing papers on current legislation and other subjects produced by the parliamentary research services, and the latest Early Day Motions put down by MPs.

Standard Notes

DateDescription
09.07.2013Individual Voluntary Arrangements (IVAs)
This note provides a detailed overview of IVAs, including information on: who is eligible to start an IVA; the IVA process; and the advantages and disadvantages of an IVA. A separate Library note, SN/HA/5055, provides detailed information on other 'Alternative procedures to bankruptcy'.
05.03.2013Crime and Courts Bill [HL] - reform of bailiffs
This note provides a summary of the problems identified with the current regulatory system for bailiffs and the background to bailiff reform. It also provides an outline of the Government's proposed reforms as set out in its consultation paper, 'Transforming bailiff action'. Importantly, it considers the new bailiff provisions embodied in 'enforcement by taking control of goods' in the Crime and Courts Bill, which seek to amend Part 3 and Schedule 12 of the TCEA 2007.
11.02.2013Company administration: the treatment of gift vouchers and cards
The purpose of this note is to explain the treatment of gift vouchers and cards when a company goes into administration. It outlines the statutory order of distribution to creditors of realised company assets. It also considers various options available to a purchaser of a gift or credit card to get a refund. Finally, it briefly explores whether there may be scope for a change in the law in this area.
28.09.2012Compulsory liquidation - corporate insolvency
This note outlines the compulsory liquidation process. Library notes SN/HA/4915 and SN/HA/4938 deal with administration and administrative receivership respectively.
24.09.2012Can an undischarged bankrupt open a bank account?
It is not illegal for an undischarged bankrupt to open a bank account; the difficulty may be in finding a bank that will enter into a business relationship with them. The purpose of this note is to provide a brief outline of the legal position.

Research Papers

DateDescription
03.10.2012Enterprise and Regulatory Reform Bill: Committee Stage Report
This is a report on the Public Bill Committee Stage of the Enterprise and Regulatory Reform Bill. It is designed to complement the Research Paper Enterprise and Regulatory Reform Bill (RP 12/33), which covers in more detail the background to the Bill
07.06.2012Enterprise and Regulatory Reform Bill
The Enterprise and Regulatory Reform Bill introduces reforms in a number of areas.
01.03.2007The Tribunals, Courts and Enforcement Bill [HL]
04.04.2002Enterprise Bill (Bill 115 of 2001-02)
Enterprise Bill ( Bill 115 of 2001/02). House of Commons Library Research Paper 02/21.

Select Committee Reports

DateDescription
10.11.2009Regulatory Reform Committee.
Regulatory Reform Select Committee report [Commons]
14.07.2009The Insolvency Service.
Government response. Department for Business, Innovation and Skills; Business and Enterprise Select Committee report [Commons]
07.07.2009Regulatory Reform Committee.
Regulatory Reform Select Committee report [Commons]
21.04.2009The Insolvency Service.
Business and Enterprise Select Committee report [Commons]
20.01.2009Regulatory Reform Committee.
Regulatory Reform Select Committee report [Commons]

Early Day Motions

DateDescription
01.11.2011BANKRUPTCY OF ALLIED STEEL AND WIRE
That this House notes the bankruptcy of Allied Steel Wire (ASW) in 2002 and the deficits of its company pension schemes; recognises the dedicated campaign of John Benson, Denis Kelleher ...
17.11.2010CROWN CURRENCY EXCHANGE (No. 2)
That this House notes with alarm the collapse of Crown Currency Exchange which was placed in administration in October 2010; expresses grave concern at the regulatory failures of the ...
17.11.2010CROWN CURRENCY EXCHANGE
That this House expresses sympathy for those who have been affected by Crown Currency Exchange being put into administration; regrets that many people have suffered losses and have ...
13.01.2010INSOLVENCY LAW
That this House believes that current UK insolvency laws and regulations fail adequately to protect unsecured creditors; and urges the Government to carry out a review of these laws ...
15.10.2009INSOLVENCY LAW
That this House believes that current UK insolvency laws and regulations fail to adequately protect unsecured creditors; and urges the Government to carry out a review of these laws ...

Lords Library Notes

DateDescription
09.11.2012Enterprise and Regulatory Reform Bill (HL Bill 45 of 2012-13)
The Enterprise and Regulatory Reform Bill includes measures for changes to competition policy, to employment law, and for reducing regulation, as well as provisions on the Green Investment Bank, directors' remuneration, copyright and planning. This Library Note provides background reading in advance of the Bill's second reading in the House of Lords.

Glossary

  • Research Papers (RP) - briefings produced by the House of Commons Library on Bills, topical issues and regular statistics
  • Standard Notes (SN) - shorter, topical briefings from the Commons Library
  • Early Day Motions (EDMs) - formal motions submitted by MPs in the House of Commons
  • POST Notes - short briefing notes produced by the Parliamentary Office of Science and Technology
  • Lords Library Notes (LLN) - papers compiled by the House of Lords Library on Bills and for debates in the Lords