Oral Answers to Questions

Bob Ainsworth Excerpts

Thursday 18th July 2013 Commons Chamber

[The Parliamentary Under-Secretary of State for Business, Innovation and Skills (Jo Swinson)]

My hon. Friend, who has been a strong campaigner on this issue, will know that the Government have conducted a consultation on the proposed statutory adjudicator and code for pubs, which has had more than 1,100 written responses, while we have had more than 7,000 responses to the online survey. Clearly, ploughing through and analysing all that information is taking a little time. He raises concerns about the issues with the Select Committee, but obviously Select Committees can ask further questions of witnesses, if they have concerns. I am happy to meet him, however, to discuss his concerns further.

[Mr Bob Ainsworth (Coventry North East) (Lab)]

Does the Secretary of State have any plans to look at the Insolvency Act 1986? Hedge funds appear to have the ability to acquire companies, to empty them of their assets, to appoint administrators of their choosing and to proceed without fear of being pursued vigorously. That certainly seems to be what is happening at Coventry City football club. Will he look at the situation and the framework of the law?

[Vince Cable]

Yes, we are doing just that. I spoke on Monday about that question in the general context of trusted business. We are, indeed, looking at the insolvency provisions. We are looking at insolvency practitioners’ fees, at some of the potential conflicts of interest that arise in that industry and at the regulatory framework.