Lords defiant
The UK Government has been defeated by 48 votes in the Lords over plans to clamp down on directors whose companies go bust. Voting was 9547, during the committee stage of the Insolvency Bill, for an amendment allowing directors to avoid disqualification so long as they take steps to minimise losses to creditors. The move was backed by Tory backbenchers, as well as crossbench, Labour, Liberal and Social Democrat peers. In the debate peers voiced fears that automatic disqualification of directors, who allowed affairs to reach the stage where the court has to wind up their company, ignored cash flow problems and would hit small firms.
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Press, 8 February 1985, Page 8
Word Count
108Lords defiant Press, 8 February 1985, Page 8
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