Insolvency Service deputy inspector general Desmond Flynn faced tough questioning today at a DTI Select Committee examining the draft clauses of the government's insolvency Bill.Witnesses from the Society of Practitioners of Insolvency and the British Bankers Association told MPs on the committee that the government should re-think its strategy. But Flynn said change was 'inevitable'. He told the committee: 'We think it is right to proceed.' He said there was a timetable which required him to report to ministers by the end of the year.The changes include giving the Secretary of State powers to order a bank to give notice to a company before appointing an administrative receiver. This had been included to stop banks, who have preferential status that puts them ahead of other creditors, forcing a company into receivership in order to secure their investments.But accountants, insolvency experts and lawyers united to condemn this attitude as outdated and incompatible with evidence.Flynn responded by saying that this had been included because of a 'lingering concern that banking behaviour has changed but in another recession it may revert to type.'
Dust storm on Titan only the third Solar System body where such storms have been observed
New technique could enable quantum computers to scale-up to millions of qubits
Systrom and Krieger taking time off "to explore our curiosity and creativity"
Comcast's £29.7bn winning bid more than twice the £13.7bn Rupert Murdoch valued Sky at just eight years ago