TRADING WHILE INSOLVENT

Early day motion 1526, tabled 3 July 2003 by Mark Tami (Labour). Signed by 73 members.

That this House deplores the actions of companies that continue to trade knowing that they are insolvent; believes that such actions undermine the growth of business in the UK, often forcing other legitimate companies out of business; and that the case of Janet Short Jobe and her firms trading under the names Isis Integrated Systems Ltd, Isis Group of Companies Ltd and Electronic Integration Ltd highlights how easy it remains to build up significant debts with little or no recourse under law; considers that existing legislation renders prosecution unlikely or near impossible; and calls upon the Secretary of State for Trade and Industry to tighten company law to ensure that individuals and companies cannot walk away from their obligations or weaken genuine businesses.

Signatures by party: Labour 50, Liberal Democrat 10, Labour/Co-operative 7, Plaid Cymru 2, Conservative 1, DUP 1, Independent Conservative 1, UUP 1.