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Written question asked by Seema Malhotra (Labour) on Wednesday, 19 October 2022, in the House of Commons. It was due for an answer on Tuesday, 25 October 2022 (named day). A holding answer was provided on Tuesday, 25 October 2022. A substantive answer was provided by Dean Russell (Conservative) on Wednesday, 26 October 2022 on behalf of the Department for Business, Energy and Industrial Strategy.

Directors: Disqualification

Question

To ask the Secretary of State for Business, Energy and Industrial Strategy, what estimate he has made of the amount recouped to creditors other than HMRC through Compensation Orders made against directors disqualified under the powers of the Rating and Director Disqualification Act 2021 to date.

Answer

The Rating and Director Disqualifications Act came into force on 15th December 2021 and gave the Insolvency Service, on behalf of the Secretary of State, the power to seek, where appropriate, disqualification and compensation orders against directors of dissolved companies.

As at 20th October 2022, the Insolvency Service has authorised disqualification and compensation order proceedings against 16 directors which are yet to be determined.

The Insolvency Service has not to date obtained a compensation order or undertaking pursuant to the aforementioned statutory power.

Secondary information

Type
Written question
Reference
67032
Session
2022-23
Subjects
Directors Disqualification
Legislation
Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Act 2021
Contains statistics
Yes
Link
View this Written question on www.parliament.uk