---

Companies Bill [HL]

My Lords, I am grateful to the Minister for that explanation. I intervene briefly because fraudulent trading is an issue that particularly concerns directors of smaller companies. They are, by their very nature, more financially vulnerable. Such companies are a very important part of our growing economy, and the position of their directors needs to be clear at all times, not least because the offence carries a penalty of up to 10 years’ imprisonment if they get it wrong. I think that the Minister said ““no changes of substance””. I want to make it absolutely clear that a company director’s position has not shifted. I want to ensure that this is a restatement and that we are not clawing back or changing the balance in any way. This is an important aspect for the generality of directors of Britain’s companies as a whole.