Retail Sector: Unemployment Debate
Full Debate: Read Full DebateLord Leigh of Hurley
Main Page: Lord Leigh of Hurley (Conservative - Life peer)Department Debates - View all Lord Leigh of Hurley's debates with the Department for Business, Energy and Industrial Strategy
(3 years, 7 months ago)
Lords ChamberThe noble Lord makes a very point. In November, we announced the levelling-up fund, worth £4 billion, for England. This will invest in a broad range of high-value local projects, including upgrading town centres and community infrastructure.
Does the Minister agree that there are not any grounds for the insolvency practitioner to select a purchaser, as implied in the Question asked by my noble friend Lord Rose? The job is to maximise the return to the creditors. Does he also agree that now is the time to revisit the terms of the moratorium that he and I debated, so that time is given to companies such as these to find better solutions?
I enjoyed debating the moratorium with my noble friend—an area in which he has considerable expertise. The moratorium that was introduced is designed to help companies that are financially distressed, and I was very grateful for his recognition of and support for it during the passage of the Corporate Insolvency and Governance Bill. I assure him that the rules for the monitor of the moratorium, who must of course be a licensed insolvency practitioner, will not in any way impede the monitor seeking advice from other restructuring professionals and finding an alternative source of rescue.