---

Pensions Bill

moved, as an amendment to Amendment No. 130EW, Amendment No. 130FA: 130FA: Before Clause 107, line 16, at end insert— ““( ) Regulations under this section may not make provision enabling a relevant notice to be issued in relation to acts or failures to act occurring in the course of acting as an insolvency practitioner or as a recognised expert in rehabilitating under-performing organisations.”” The noble Lord said: Turnaround professionals—by which I do not mean venture capitalists, who so worry the noble Lord—are by and large individuals who have gained considerable experience in running companies. They are parachuted in to deal with a company in difficulties and rescue it—particularly to rescue the employment and business—and make sense of what is going on. These people have by and large to act very quickly. They have to take some very pragmatic decisions. They are usually only days away from the company running out of money, but they themselves generally do not have enormous assets. If the company does well, they will take a salary or a fee from it, but not a large share of the business. I think that these people, of whom I know several, are exceptional individuals who do the country a great deal of good. I would not like to see their activities put at risk. I beg to move.