Question

To ask the Secretary of State for Business, Innovation and Skills, what steps he is taking to improve competition in the Insolvency Practitioner market.

The Government is taking a number of steps in this area:

- A measure in the Deregulation Bill will introduce the option for an insolvency practitioner to specialise in either corporate or individual insolvency. This will encourage new entrants into the profession, which will benefit creditors without lowering standards;

- There are a number of red tape challenge measures in the Small Business, Enterprise and Employment Bill which will reduce costs and remove unnecessary processes in insolvency cases;

- Also in the Small Business, Enterprise and Employment Bill are measures which will strengthen the regulatory framework for insolvency practitioners to boost confidence in the regime;

- The Government has also been consulting on measures to improve the transparency and accountability of how fees are charged by insolvency practitioners.