BusinessBusiness RecoveryHewitt ushers in Enterprise Bill

Hewitt ushers in Enterprise Bill

Department of Trade and Industry secretary Patricia Hewitt has welcomed the enactment of the Enterprise Bill, which finally received Royal Assent last night after a last minute dispute had threatened its survival.

Link: Relief for R3 as Enterprise Bill is passed

The dispute, which revolved around the governance of the Office of Fair Trading, was resolved after a compromise was reached with opposition MPs.

Hewitt said: ‘The Enterprise Act is good news for business, consumers and the economy. It will open up markets, increasing competitive pressures.’

Furthermore, she said, the Act would help give ‘entrepreneurs who failed honestly’ a second chance.

The Acts provisions on corporate insolvency and the abolition of Crown preference will commence early in the 2003 financial year, while reforms to the Insolvency Service’s financial regime will come into force in 2004.

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