Written question asked by Lord Myners (Crossbench) on Thursday, 13 February 2020, in the House of Lords. It was due for an answer on Thursday, 27 February 2020. It was answered by Lord Callanan (Conservative) on Thursday, 27 February 2020 on behalf of the Department for Business, Energy and Industrial Strategy.

Comet Group: Insolvency

Question: To ask Her Majesty's Government what assessment they have made of the (1) report by the Institute of Accountants in England and Wales into the insolvency of Comet Group and the losses sustained by HMRC, published on 31 January, and (2) implications, if any, for the (a) collapse of Monarch Airline, and (b) request for governmental financial support from Flybe and its immediate and ultimate owners.

Answer: The Government is aware of the findings of the investigation by the Institute of Chartered Accountants in England and Wales (ICAEW) into the conduct of the administrators of Comet Group Limited and the resulting consent order setting out the disciplinary action taken. The Government supports the aims of the regulatory framework for insolvency practitioners and the Government’s Insolvency Service works closely with the Recognised Professional Bodies, such as the ICAEW, in ensuring appropriate action is taken when needed following an insolvency. Regarding Flybe, it would not be appropriate for Government to comment on the speculation as to its financial affairs.

Secondary information

Type: Written question
Reference: HL1669
Session: 2019-21
Subjects: Insolvency Government assistance Flybe Comet Group Monarch Airlines
Link: View this Written question on www.parliament.uk