Debate on bill on Wednesday, 3 June 2020, in the House of Commons, led by Lord Sharma. The answering member was Ed Miliband.

Corporate Insolvency and Governance Bill

Business of the House motion (2 June), ordered. Second reading. Agreed to on question. Sitting suspended.

Secondary information

Type: Parliamentary proceeding
Reference: 676 cc889-955
Session: 2019-21
Department: Department for Business, Energy and Industrial Strategy
Legislative stage: Second reading
Procedure: Programme motions
Chamber / Committee: House of Commons chamber
Related items: Corporate Insolvency and Governance Bill 2019-21
Wednesday, 20 May 2020
Bills
House of Commons; Business of the House (Corporate Insolvency and Governance Bill)
Tuesday, 2 June 2020
Parliamentary proceedings
House of Commons
Proceeding contributions: Lord Sharma | 676 cc890-919 (Link to this contribution)
I beg to move, That the Bill be now read a Second time.
On 23 March, the Government request...; Ian Jnr Paisley | 676 c919 (Link to this contribution)
Is the Minister satisfied that the measures being proposed today could expire within 27 days? Is ...; Lord Sharma | 676 c919 (Link to this contribution)
As ever, the hon. Gentleman raises an incredibly important point. I will talk further about this,...; Jacob Young | 676 c919 (Link to this contribution)
Does my right hon. Friend agree that this Bill will give businesses in Redcar and Cleveland and a...; Lord Sharma | 676 c919 (Link to this contribution)
My hon. Friend is already making a huge impact in supporting businesses in his constituency, and ...; Gary Sambrook | 676 c891 (Link to this contribution)
Unfortunately, some businesses fail. In my constituency, MG Rover collapsed 15 years ago, ripping...; Lord Sharma | 676 c891 (Link to this contribution)
Again, the manner in which the debate has begun demonstrates the consensus on supporting business...; Paul Holmes | 676 c891 (Link to this contribution)
May I ask the Secretary of State whether companies have to apply for those extensions on filing, ...; Lord Sharma | 676 c891 (Link to this contribution)
Once the filing requirements are enacted, as my hon. Friend says, companies can make filings up t...; Stephen Doughty | 676 c891 (Link to this contribution)
There are indeed some important measures in the Bill, and we will undoubtedly scrutinise them in ...; Lord Sharma | 676 c891 (Link to this contribution)
When we first launched CBILS there were a lot of concerns about how quickly the process was movin...; Kevin Hollinrake | 676 c892 (Link to this contribution)
Because of the success of bounce-back loans—it is a much easier process to get a bounce-back loan...; Lord Sharma | 676 c892 (Link to this contribution)
My hon. Friend makes an incredibly important point. I am sure that the Under-Secretary of State f...; Richard Fuller | 676 c922 (Link to this contribution)
Playing a fundamental part in the Bill, we have a number of measures that have been consulted on ...; Lord Sharma | 676 c893 (Link to this contribution)
My hon. Friend is of course right. By the way, I am delighted that he is back in the House, after...; Kevin Hollinrake | 676 c893 (Link to this contribution)
I speak as a co-chair of the all-party group on fair business banking, has dealt with a lot of pr...; Lord Sharma | 676 c893 (Link to this contribution)
My hon. Friend the Under-Secretary of State will elaborate on some of the points that my hon. Fri...; Mike Wood | 676 c893 (Link to this contribution)
The temporary measures that my right hon. Friend has included in the Bill will provide great resp...; Lord Sharma | 676 cc893-4 (Link to this contribution)
Of course, that is part of the measures that we will bring in. I recognise why my hon. Friend wan...; Mark Pawsey | 676 c894 (Link to this contribution)
Small businesses often find themselves dictated to by larger organisations, and the last thing we...; Lord Sharma | 676 c894 (Link to this contribution)
My hon. Friend raises a really important point about protecting small suppliers. They will of cou...; Richard Fuller | 676 cc894-5 (Link to this contribution)
May I thank you, Madam Deputy Speaker, for permitting so many interventions? As we are rushing th...; Lord Sharma | 676 cc895-924 (Link to this contribution)
My hon. Friend raises an incredibly important point. I championed this issue—support for small bu...; Jonathan Djanogly | 676 c924 (Link to this contribution)
The Government have repeatedly spoken about this clause in the context of landlords, but can the ...; Lord Sharma | 676 c924 (Link to this contribution)
It is intended to apply to all suppliers—I am sure I will be corrected if I am wrong on that. As ...; Kevin Hollinrake | 676 c924 (Link to this contribution)
In respect of commercial loans, currently the banks, when showing forbearance, are providing capi...; Lord Sharma | 676 c896 (Link to this contribution)
Colleagues in the banking sector will I am sure be watching this debate and listening in, and the...; Sarah Olney | 676 c896 (Link to this contribution)
On the point about AGMs, it is obviously good that the legislation makes provision for AGMs to be...; Lord Sharma | 676 cc926-897 (Link to this contribution)
There are, of course, other methods for shareholders to question directors of a company. There wi...; Sara Britcliffe | 676 c897 (Link to this contribution)
I am encouraged that the measures for AGMs and other meetings are temporary. Does my right hon. F...; Lord Sharma | 676 c897 (Link to this contribution)
My hon. Friend makes an important point. We would all like to get back to those face-to-face disc...; Gareth Davies | 676 c897 (Link to this contribution)
Can my right hon. Friend confirm that the Government are not mandating how companies and organisa...; Lord Sharma | 676 cc897-927 (Link to this contribution)
My hon. Friend makes an incredibly important point. This is not about mandating; this is about gi...; Ed Miliband | 676 cc927-898 (Link to this contribution)
I begin by thanking the Business Secretary and the Under-Secretary of State for Business, Energy ...; Ian Jnr Paisley | 676 c898 (Link to this contribution)
I thank the right hon. Gentleman for giving way and for welcoming this Bill, which I do as well. ...; Ed Miliband | 676 cc928-899 (Link to this contribution)
I certainly agree with the hon. Gentleman that it is very important that the approach is UK-wide,...; Stephen Doughty | 676 c899 (Link to this contribution)
I agree with all that my right hon. Friend has said. Does he agree that some extension will be ne...; Ed Miliband | 676 cc899-900 (Link to this contribution)
My hon. Friend is a brilliant champion of those industries and other industries in his constituen...; Richard Fuller | 676 c900 (Link to this contribution)
I am extraordinarily grateful to the right hon. Gentleman for raising this point, because he will...; Ed Miliband | 676 cc900-929 (Link to this contribution)
I welcome what the hon. Gentleman says, and the answer is yes, because lots of businesses do not ...; Jim Shannon | 676 c901 (Link to this contribution)
I welcome the right hon. Gentleman to his position and wish him well. I have a bit of concern abo...; Ed Miliband | 676 cc901-930 (Link to this contribution)
I agree with the hon. Gentleman’s intervention. I once used the word predatory in relation to com...; Kevin Hollinrake | 676 c930 (Link to this contribution)
The right hon. Gentleman touched on his amendment that would ring-fence 30% of assets for unsecur...; Ed Miliband | 676 cc930-903 (Link to this contribution)
I believe I am right in saying that the hon. Gentleman knows a lot about this, and I congratulate...; Stephen Doughty | 676 c903 (Link to this contribution)
My right hon. Friend is right to mention steel and aerospace in particular, as they are crucial p...; Ed Miliband | 676 cc903-4 (Link to this contribution)
My hon. Friend has been powerfully advocating for the steel industry, along with other hon. Membe...; Bim Afolami | 676 c904 (Link to this contribution)
Would the right hon. Gentleman support the ideas that I have been doing some work on—as have lots...; Ed Miliband | 676 cc904-5 (Link to this contribution)
I agree with the hon. Gentleman. We need innovative thinking in this area. We are going to have t...; Stephen Hammond | 676 cc905-6 (Link to this contribution)
It is a great pleasure to follow the shadow Secretary of State. During this crisis, many of us ha...; Kevin Hollinrake | 676 c906 (Link to this contribution)
I agree with my hon. Friend and support his point. I think the provision to which he is referring...; Stephen Hammond | 676 cc906-7 (Link to this contribution)
My hon. Friend drafts the amendment for me. I absolutely agree, and I hope those on the Front Ben...; Kevin Hollinrake | 676 c907 (Link to this contribution)
That is a very important point. I think the legislation is covered under clause 95 of the Finance...; Stephen Hammond | 676 c908 (Link to this contribution)
I thank my hon. Friend. The House will be pleased to know that it will not need to listen to the ...; Ed Miliband | 676 c908 (Link to this contribution)
I have a long list.; Stephen Hammond | 676 cc908-933 (Link to this contribution)
The shadow Secretary of State says that he has long list. I am sure we all have, but I have only ...; Drew Hendry | 676 cc933-910 (Link to this contribution)
I thank the Secretary of State for his customary and welcome thorough exposition of the Bill. I p...; Kevin Hollinrake | 676 c910 (Link to this contribution)
I think it is a bit harsh to say that the schemes are not working at all. About £30 billion has b...; Drew Hendry | 676 cc934-911 (Link to this contribution)
I agree and I am willing to concede that some people have indeed been helped. I said that the sch...; Stephen Hammond | 676 c911 (Link to this contribution)
The hon. Gentleman has taken a bit of latitude with what I said. I was pointing out that this was...; Nigel Evans | 676 c935 (Link to this contribution)
Order. I think we might be straying a bit further afield from what we are supposed to be debating...; Drew Hendry | 676 cc935-6 (Link to this contribution)
Thank you, Mr Deputy Speaker, but I did say that this was about the ability of businesses to cont...; Jonathan Djanogly | 676 cc936-913 (Link to this contribution)
I declare any interest I may have arising from my entry in the Register of Members’ Financial Int...; Mark Pawsey | 676 c914 (Link to this contribution)
Does my hon. Friend agree that part of the problem is the 30-day, 60-day, 90-day culture that has...; Jonathan Djanogly | 676 cc937-915 (Link to this contribution)
Not necessarily. These are the sorts of things that I would like to have heard debated, frankly.<...; Darren Jones | 676 cc915-938 (Link to this contribution)
I welcome the measures in the Bill, which will support struggling businesses during this difficul...; Richard Fuller | 676 c938 (Link to this contribution)
It is a pleasure to serve on the Committee of which the hon. Member is Chair. I am interested to ...; Darren Jones | 676 cc916-7 (Link to this contribution)
I do not. The public health emergency had to be dealt with, and understandably, it had consequenc...; Nigel Evans | 676 cc917-939 (Link to this contribution)
I call Chris Clarkson to make his maiden speech.
4.54 pm; Chris Clarkson | 676 cc939-940 (Link to this contribution); Stephen Kinnock | 676 cc940-923 (Link to this contribution)
May I say what a pleasure it is to follow the hon. Member for Heywood and Middleton (Chris Clarks...; Nigel Evans | 676 cc923-941 (Link to this contribution)
It is always good to hear Swansea University get a good mention—yes, I went there.
5.18 pm<...; Mark Pawsey | 676 cc941-925 (Link to this contribution)
It is a pleasure to follow the hon. Member for Aberavon (Stephen Kinnock) and his passionate resp...; Richard Fuller | 676 c925 (Link to this contribution)
My hon. Friend is making an important point. Does he share my concern that there is a certain vag...; Mark Pawsey | 676 c926 (Link to this contribution)
That is a good point, and I hope that the Minister will consider that, because in many cases a co...; Jerome Mayhew | 676 c926 (Link to this contribution)
Could I just come back on that interesting point about the risk of personal liability hanging ove...; Mark Pawsey | 676 cc943-927 (Link to this contribution)
My hon. Friend makes a good point, and we must provide every support to business owners and direc...; Ian Jnr Paisley | 676 cc927-9 (Link to this contribution)
I declare an interest as I am a director on the board of a couple of charities. Extraordinary and...; Damian Collins | 676 cc929-930 (Link to this contribution)
I start by congratulating my hon. Friend the Member for Heywood and Middleton (Chris Clarkson) on...; Kevin Hollinrake | 676 c930 (Link to this contribution)
My hon. Friend is making an important point. Is he aware that some banks have a blanket restricti...; Damian Collins | 676 cc931-2 (Link to this contribution)
My hon. Friend makes an incredibly important point, which has pre-empted what I was going to come...; Richard Fuller | 676 cc932-5 (Link to this contribution)
I draw the attention of hon. Members to my entry in the Register of Members’ Financial Interests....; Bim Afolami | 676 c935 (Link to this contribution)
I have done several schemes of arrangement in my previous life, and know that the courts are very...; Richard Fuller | 676 cc935-6 (Link to this contribution)
I am grateful for my hon. Friend’s clarification, but my concern—I may well have read the Bill in...; Damian Collins | 676 c936 (Link to this contribution)
I am following my hon. Friend’s remarks closely. Given his opening remarks, might it not be bette...; Richard Fuller | 676 cc936-7 (Link to this contribution)
After my hon. Friend’s comments about association football, of which I have absolutely no underst...; Lucy Powell | 676 c937 (Link to this contribution)
The best one.; Richard Fuller | 676 cc953-938 (Link to this contribution)
Perhaps the current Leader of the Opposition would take offence at what the shadow Minister has s...; Jim Shannon | 676 cc938-941 (Link to this contribution)
I thank right hon. and hon. Members for their speeches and contributions. I particularly thank th...; Kevin Hollinrake | 676 cc941-4 (Link to this contribution)
It is a pleasure to speak after my hon. Friend the Member for Strangford (Jim Shannon); we have s...; Jerome Mayhew | 676 c944 (Link to this contribution)
My hon. Friend talks very persuasively about this, and I have found myself nodding along to every...; Baroness Laing of Elderslie | 676 c957 (Link to this contribution)
Order. Before the hon. Gentleman answers the intervention, although he has not spoken for an inor...; Kevin Hollinrake | 676 cc957-945 (Link to this contribution)
Thank you, Madam Deputy Speaker. I will try to move on quickly.
A lot of this information i...; Bim Afolami | 676 cc945-7 (Link to this contribution)
I concur with what many Members have said about the maiden speech from my hon. Friend the Member ...; Lucy Powell | 676 cc947-8 (Link to this contribution)
It is a pleasure to be on the Front Bench and at the Dispatch Box again as the shadow Business Mi...; Jim Shannon | 676 c948 (Link to this contribution)
It’s not Strangeford!; Lucy Powell | 676 cc280-950 (Link to this contribution)
Sorry. Strangford. It’s just that the Member of Parliament reminds me of that—no, I’m only joking...; Paul Scully | 676 cc285-8 (Link to this contribution)
May I first welcome the hon. Member for Manchester Central (Lucy Powell) to her place? I thank he...; Chris Bryant | 676 c288 (Link to this contribution)
On a point of order, Madam Deputy Speaker.; Baroness Laing of Elderslie | 676 c290 (Link to this contribution)
I will take the hon. Gentleman’s point of order after the Minister has finished, unless it is imm...; Chris Bryant | 676 c292 (Link to this contribution)
Well, it is timely.; Baroness Laing of Elderslie | 676 c295 (Link to this contribution)
I am guessing that it could well be timely, but the Minister has a very limited time in which to ...; Paul Scully | 676 cc295-6 (Link to this contribution)
Thank you, Madam Deputy Speaker.
The corporate restructuring package in particular will be ...; Chris Bryant | 676 c296 (Link to this contribution); Baroness Laing of Elderslie | 676 cc296-8 (Link to this contribution)
I am grateful to the hon. Gentleman for his point of order. He will understand that I did not wan...; Karen Bradley | 676 c298 (Link to this contribution)
On a point of order, Madam Deputy Speaker. I just want to be clear, for the avoidance of doubt, t...; Baroness Laing of Elderslie | 676 c298 (Link to this contribution)
I am grateful to the right hon. Lady for informing the House of that matter. As Mr Speaker had se...; Valerie Vaz | 676 c301 (Link to this contribution)
On a point of order, Madam Deputy Speaker. The Opposition do not want to withdraw our amendment.<...; Baroness Laing of Elderslie | 676 c954 (Link to this contribution)
I am grateful to the right hon. Lady. Arithmetic is my strong point: I had three amendments. One ...; Peter Bone | 676 c309 (Link to this contribution)
On a point of order, Madam Deputy Speaker. I was here at 7 o’clock and it did not appear that the...; Baroness Laing of Elderslie | 676 c317 (Link to this contribution)
No, it is not correct. There was no need for the 7 o’clock motion to be moved, because of the ter...; Lord Brennan of Canton | 676 c320 (Link to this contribution); Baroness Laing of Elderslie | 676 cc329-330 (Link to this contribution)
Now, I thought that we were doing very well, because all the other points of order that I have ju...; Valerie Vaz | 676 c330 (Link to this contribution)
On a point of order, Madam Deputy Speaker. May I clarify my earlier point of order on motion 4? I...; Baroness Laing of Elderslie | 676 c955 (Link to this contribution)
I am grateful for the right hon. Lady’s point of order and for her clarification. I will do my ar...
Subjects: Contracts Company law Company liquidations Company accounts Companies Directors Debts Liability Insolvency Landlord and tenant Northern Ireland Powers Meetings Small businesses Utilities Reorganisation Coronavirus business interruption loan scheme Bounce back loan scheme
Legislation: Corporate Insolvency and Governance Bill 2019-21
Link: View this Parliamentary proceeding on hansard.parliament.uk

Corporate Insolvency and Governance Bill

Secondary information

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