Question to the Department for Business, Innovation, Science and Trade:

To ask the Secretary of State for Business, Innovation, Science and Trade, whether he plans to introduce improved rights for purchasers in large property administrations to establish (a) representative creditor committees and (b) equivalent mechanisms to scrutinise administrator decisions, fees, asset recoveries and investigations.

There are no plans to introduce improved rights as the insolvency framework already contains robust safeguards to ensure that administrators, who are authorised insolvency practitioners, are subject to appropriate oversight and scrutiny to ensure transparency and accountability. Administrators must provide creditors with regular progress reports, and seek their approval for their initial proposals as well as their remuneration and expenses. Creditors must also be invited to establish a creditors' committee to represent their interests and assist the administrator in the administration, and may request further information about an office-holder's remuneration and expenses.