Letter dated 17/06/2020 from Lord Callanan to Lord Hope of Craigshead regarding an amendment to the Corporate Insolvency and Governance Bill that directors be required to file a list of known creditors with the court to obtain a moratorium. 2p.

Letter dated 17/06/2020 from Lord Callanan to Lord Hope of Craigshead regarding an amendment to the Corporate Insolvency and Governance Bill that directors be required to file a list of known creditors with the court to obtain a moratorium. 2p.

Lords committee stage second day. Clauses 18 to 47 agreed to. New clause debated and withdrawn. Schedules 1 to 13 agreed to, with Schedules 2, 4, 6, 8, 9, 12 and 13 agreed to as amended. Bill reported with amendments (HL Bill 114).

Lords committee stage second day. Clauses 18 to 47 agreed to. New clause debated and withdrawn. Schedules 1 to 13 agreed to, with Schedules 2, 4, 6, 8, 9, 12 and 13 agreed to as amended. Bill reported with amendments (HL Bill 114).

My Lords, I thank the Minister for rearranging his diary to enable us to complete Committee stage so quickly, the Whips Office for similarly reorganising things so that we can get on with it and, last but not least, the staff of the House for the work they have undertaken,...

My Lords, I thank the Minister for rearranging his diary to enable us to complete Committee stage so quickly, the Whips Office for similarly reorganising things so that we can get on with it and, last but not least, the staff of the House for the work they have undertaken,...

My Lords, I metaphorically rise to support Amendment 57 in the name of the noble Lord, Lord Hodgson of Astley Abbotts, and to speak to my very similar Amendment 61. Both relate to pre-packs.

The Minister said yesterday that pre-packs are

“a useful tool that allows businesses and jobs to be saved.”—[Official...

My Lords, I metaphorically rise to support Amendment 57 in the name of the noble Lord, Lord Hodgson of Astley Abbotts, and to speak to my very similar Amendment 61. Both relate to pre-packs.

The Minister said yesterday that pre-packs are

“a useful tool that allows businesses and jobs to be saved.”—[Official...

My Lords, I echo the words of previous speakers. I have added my name to Amendment 61 in the name of the noble Lord, Lord Vaux, but I also support the amendment of my noble friend Lord Hodgson of Astley Abbotts. As the noble Lord, Lord Vaux, has said, either...

My Lords, I echo the words of previous speakers. I have added my name to Amendment 61 in the name of the noble Lord, Lord Vaux, but I also support the amendment of my noble friend Lord Hodgson of Astley Abbotts. As the noble Lord, Lord Vaux, has said, either...

My Lords, I have two specific questions for the Minister. Is it the case, as reported in the Times on 26 May, that the Pre Pack Pool’s oversight committee has written to the Minister specifically, notifying him that it will be “unsustainable” unless referrals of pre-pack sales are made mandatory?...

My Lords, I have two specific questions for the Minister. Is it the case, as reported in the Times on 26 May, that the Pre Pack Pool’s oversight committee has written to the Minister specifically, notifying him that it will be “unsustainable” unless referrals of pre-pack sales are made mandatory?...

My Lords, I declare my interests as an investor in turnaround and distressed businesses and as a corporate finance professional working in a regulated business.

It is unfortunate to have to return to this issue. I recall that my first duty as a Front-Bencher was to deal with the then Small...

My Lords, I declare my interests as an investor in turnaround and distressed businesses and as a corporate finance professional working in a regulated business.

It is unfortunate to have to return to this issue. I recall that my first duty as a Front-Bencher was to deal with the then Small...

My Lords, there is little to add to what has been said. I signed both the amendments, and I agree with what the noble Lords, Lord Hodgson and Lord Vaux, have said, and with what they have proposed both in these and in their other amendments. I also associate myself...

My Lords, there is little to add to what has been said. I signed both the amendments, and I agree with what the noble Lords, Lord Hodgson and Lord Vaux, have said, and with what they have proposed both in these and in their other amendments. I also associate myself...

My Lords, we have had a very good debate on this issue today. It is an accident of the way things went yesterday that we have been given this time, and I am grateful to the House authorities for allowing us to spend some time on this important topic.

The noble...

My Lords, we have had a very good debate on this issue today. It is an accident of the way things went yesterday that we have been given this time, and I am grateful to the House authorities for allowing us to spend some time on this important topic.

The noble...

I thank and pay tribute to my noble friend Lord Hodgson for ably introducing this grouping and speaking so powerfully on this subject. In fact, such is the power with which he speaks that when he spoke, claps of

thunder echoed around the Chamber. We do not have any of...

I thank and pay tribute to my noble friend Lord Hodgson for ably introducing this grouping and speaking so powerfully on this subject. In fact, such is the power with which he speaks that when he spoke, claps of

thunder echoed around the Chamber. We do not have any of...

In his response, the Minister did not answer the question of whether he believes that the Pre Pack Pool is useful, sustainable on a voluntary basis, and whether it matters if it ceases to exist. Could he answer that now?

In his response, the Minister did not answer the question of whether he believes that the Pre Pack Pool is useful, sustainable on a voluntary basis, and whether it matters if it ceases to exist. Could he answer that now?

I do not want to go any further than what I said in my reply. I have been in correspondence with the Pre Pack Pool and we have arranged for officials from my department and from the Insolvency Service to meet with it further to discuss its concerns.

I do not want to go any further than what I said in my reply. I have been in correspondence with the Pre Pack Pool and we have arranged for officials from my department and from the Insolvency Service to meet with it further to discuss its concerns.

Could Members of the Committee see before Report the letter of 29 May sent in reply to the pool, which the Minister mentioned?

Could Members of the Committee see before Report the letter of 29 May sent in reply to the pool, which the Minister mentioned?

In principle I have no objection to releasing that; obviously, I would need to speak to officials and to the recipients to check whether they are all happy with that. I do not know whether it was sent confidentially basis or whether it is available for publication, but I will...

In principle I have no objection to releasing that; obviously, I would need to speak to officials and to the recipients to check whether they are all happy with that. I do not know whether it was sent confidentially basis or whether it is available for publication, but I will...

My Lords, I thank all noble Lords who have spoken in support of this amendment and the amendment in the name of the noble Lord, Lord Vaux, and thank him for his support for the approach that we are taking. I particularly thank the noble Lord, Lord Mendelsohn, who has...

My Lords, I thank all noble Lords who have spoken in support of this amendment and the amendment in the name of the noble Lord, Lord Vaux, and thank him for his support for the approach that we are taking. I particularly thank the noble Lord, Lord Mendelsohn, who has...

Moved by

Lord Hodgson of Astley Abbotts

57: After Clause 17, insert the following new Clause—

“Review of pre-pack transactions

In Schedule B1 to the Insolvency Act 1986, after paragraph 74 insert—

“Review of pre-pack transactions

“74A (1) The assets of a company may not be transferred under the terms of a pre-pack transaction unless the...

Moved by

Lord Hodgson of Astley Abbotts

57: After Clause 17, insert the following new Clause—

“Review of pre-pack transactions

In Schedule B1 to the Insolvency Act 1986, after paragraph 74 insert—

“Review of pre-pack transactions

“74A (1) The assets of a company may not be transferred under the terms of a pre-pack transaction unless the...

Moved by

Lord Callanan

89: Schedule 2, page 104, line 15, at end insert “, and

(b) a master agreement for securities financing transactions.”

Member’s explanatory statement

This amendment provides for a master agreement for securities financing transactions to be a “contract or other instrument involving financial services” for the purposes of new section A18...

Moved by

Lord Callanan

89: Schedule 2, page 104, line 15, at end insert “, and

(b) a master agreement for securities financing transactions.”

Member’s explanatory statement

This amendment provides for a master agreement for securities financing transactions to be a “contract or other instrument involving financial services” for the purposes of new section A18...

Moved by

Lord Callanan

97: Schedule 4, page 122, line 39, leave out “Act” and insert “Schedule”

Member’s explanatory statement

This amendment changes the definition of the “relevant period” so that the term is defined by reference to the coming into force of the Schedule rather than by reference to the coming into force...

Moved by

Lord Callanan

97: Schedule 4, page 122, line 39, leave out “Act” and insert “Schedule”

Member’s explanatory statement

This amendment changes the definition of the “relevant period” so that the term is defined by reference to the coming into force of the Schedule rather than by reference to the coming into force...

Moved by

Lord Callanan

101: Schedule 6, page 154, line 10, at end insert “, and

(b) a master agreement for securities financing transactions.”

Member’s explanatory statement

This amendment provides for a master agreement for securities financing transactions to be a “contract or other instrument involving financial services” for the purposes of new Article 13D...

Moved by

Lord Callanan

101: Schedule 6, page 154, line 10, at end insert “, and

(b) a master agreement for securities financing transactions.”

Member’s explanatory statement

This amendment provides for a master agreement for securities financing transactions to be a “contract or other instrument involving financial services” for the purposes of new Article 13D...