Bob Russell
Main Page: Bob Russell (Liberal Democrat - Colchester)Department Debates - View all Bob Russell's debates with the Department for Education
(11 years, 7 months ago)
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Michael Fallon
As I have already said, we are investing £4.5 billion to fund new affordable homes over the spending review period, all of which is committed to be spent in this Parliament. That is leveraging in a further £15 billion of private sector investment. We are on track to deliver 170,000 affordable homes by 2015.
Sir Bob Russell (Colchester) (LD)
14. If he will bring forward legislative proposals to prevent owners of businesses which have failed with debts outstanding from starting new businesses of an identical or similar nature.
The Parliamentary Under-Secretary of State for Business, Innovation and Skills (Jo Swinson)
The Government have no current plans to bring forward legislation. We recognise that some businesses will fail, but we do not want to prevent entrepreneurs from learning from an initial business failure. I understand, however, the significant concerns that are expressed about so-called phoenix companies. I know my hon. Friend has worked tirelessly on behalf of his constituents on this issue, and I will keep it under close review.
Sir Bob Russell
Cavendish Conversions Ltd and, in my constituency, Number Nine Restaurant Ltd, have risen phoenix-like to start again in new guises thanks to dodgy financial gymnastics by their owners, leaving innocent citizens and businesses with serious financial losses. I urge the Government to take action against those people. It is unfair that they can rack up losses and start again.
Jo Swinson
I thank my hon. Friend for his question. He highlights the distress that is caused to his constituents—I know from my correspondence that this also applies to constituents across the country—when companies undertake the activities he describes. I look forward to meeting him to discuss this specific issue in a couple of weeks’ time. He has already introduced an Adjournment debate to go into his case in detail. I reiterate that we need to get the balance right between encouraging enterprise and protecting consumers and business, but I look forward to discussing the matter with him further.