Question

To ask Her Majesty’s Government whether they are investigating Quindell plc and its board of directors and financial advisers; and if not, whether they plan to do so.

Quindell plc is Alternative Investment Market (AIM) listed which is controlled by London Stock Exchange and any enquiry relating to possible market abuse sits within the remit of the Financial Conduct Authority.

The Government’s Insolvency Service has discretionary powers under the Companies Acts to conduct enquiries on behalf of the Secretary of State where it appears that there has been misconduct in relation to the affairs of any company, including those not subject to formal insolvency.

For the investigation process to be effective it is essential to maintain confidentiality at all stages and there is also a need to protect the commercial interest of companies against the danger of damage from malicious complaints. For these reasons there are legal restrictions on disclosing information obtained during an enquiry and The Service does not confirm or deny whether an investigation of a particular company is taking place.

Where other regulators and investigating agencies are involved, the Insolvency Service would liaise closely to ensure public money is not wasted duplicating resources.