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Legislative Reform (Insolvency) (Miscellaneous Provisions) Order 2009

I thank noble Lords for their comments. This is my first insolvency discussion since I have taken up this role. This draft order will undoubtedly bring insolvency procedures into the 21st century. The LRO process is sound, brings huge benefits and requires considerable consultation. However, we are going to have to find a way to speed up the modernisation of the procedures involved at the AGMs of big, small and medium-sized corporations, and I have asked officials about this. This will have a fundamental impact and is long overdue. We will have to amend the insolvency rules considerably, and we cannot take too long over that. The question is, how do we consult but at the same time move speedily? I shall send all the details and the breakdown of the cost-benefit to the noble Lord, Lord Newby. Clearly, modernising the insolvency rules is long overdue. This is a move in the right direction. Companies can hold meetings remotely. I will write to the noble Lord on the detail of the overall workings of an AGM. This is a very sound move, reflecting good progress, but we now need to reflect on how we might introduce further changes with greater speed. This is all about helping business and the insolvency profession, which is clearly well regulated and plays a key role in the economy. For the reasons I set out earlier, I believe that this order will be helpful to the business community and to creditors. I again commend the order. Motion agreed.