Barry Sheerman – 2014 Parliamentary Question to the Department for Business, Innovation and Skills

The below Parliamentary question was asked by Barry Sheerman on 2015-01-13.

To ask the Secretary of State for Business, Innovation and Skills, what recent representations he has received from creditors of companies which go into insolvency about the Insolvency Act 1986.

Jo Swinson

I regularly receive representations from those who are owed monies by insolvent companies. Unfortunately it is the inevitable consequence of insolvency that some creditors will remain unpaid, but the Government is committed to making sure that we have the fairest possible insolvency regime for when things go wrong. Measures contained in the Small Business, Enterprise and Employment Bill will benefit creditors by saving an estimated £20m per year from the cost of insolvency proceedings.