To ask the Minister of State, Department for Business, Innovation and Skills whether his Department plans to set a cap on the fees charged by insolvency practitioners. (300679)

I have no plans to set a cap on the fees charged by insolvency practitioners, which are properly a matter for the creditors or the court.

However, the Office of Fair Trading (OFT) confirmed on 12 November that they are to undertake a market study into the corporate insolvency market which may include analysis of the level of fees charged by insolvency practitioners as insolvency office-holders.

The Government believe that it is particularly important at this point in the downturn that creditors and employees who lose their jobs through insolvency have confidence that the fees charged by insolvency practitioners represent good value for the very important work they do and I look forward with interest to the outcome of the study announced by the Office of Fair Trading.