PracticePeople In PracticeClash over Insolvency Bill.

Clash over Insolvency Bill.

The Commons Trade and Industry Committee has clashed with the DTI over the scope of the draft Insolvency Bill. In a toughly worded report, the MPs backed the idea of a moratorium to give small and medium-sized companies a chance to be rescued, while warning that the results may be less than hoped for. But they called on the government to drop a clause giving the trade secretary power to extend the moratorium to cover large firms as well and scrap a clause giving power to draw up regulations requiring secured creditors to give warning before appointing an administrative receiver.

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