Corporate Insolvency and Governance Act 2020

Lord Holmes of Richmond Excerpts

Wednesday 29th July 2020 Lords Chamber

[Lord Callanan]

I can certainly give the noble Baroness that reassurance. These are complicated provisions and we accept that they have been in place for only a short period. We will of course continue to keep a close eye on how they are working out in practice.

[Lord Holmes of Richmond (Non-Afl) [V]]

My Lords, I full-throatedly support the comments of the noble Baroness, Lady Kramer, and my noble friend Lord Leigh of Hurley; I spoke to that effect during the passage of the Bill. I want to ask my noble friend the Minister about the role of the monitor, particularly around passivity and partiality. Are the Government considering passing regulations to require the monitor to submit a statement of their independence and meet a test of independence? Are they considering, in certain circumstances, enabling creditors to challenge the appointment of a monitor?

[Lord Callanan]

As my noble friend is aware, we debated these matters extensively only a few short weeks ago when we passed the legislation. We are keeping all aspects of the legislation under constant supervision. It is a complex Act, with lots of new provisions that we think will benefit companies, and we continue to look at how it is working in practice.