Stephen Baister Writes on.. Fantasy Legislation

Fantasy legislation was a game that used to be played by prospective parliamentary candidates and their supporters: could you think up a bill to go before parliament that would be popular but would not involve expense to the public purse? I dot recall it producing any great ideas.
I found myself playing the game again a couple of years back when I found myself on a panel to which the last (tongue in cheek) question was, “If you could propose a new piece of insolvency legislation, what would it be?” I had little hesitation in answering: I would propose an Act prohibiting the passing of any new insolvency law for 10 years. I warmed to my theme: there had been quite enough change; there had been quite enough new rescue regimes; if any new special administrations were invented, we would end up with one for every conceivable kind of business (The Newsagent (Special Administration) Order 2028 SI/437689/2028 – you get the idea). We could all do with a rest, and it is often better to spend time working with what you have got instead of assuming that a new problem always needs a new bespoke solution.

And speaking of solutions, if I were asked again I would propose inserting a new section 124B into the Insolvency Act 1986 allowing any person, whether connected to the company or not, to present a winding up petition against a company on the ground that its name includes the word “Solution.” An order would follow ex debito justitiae and directors would be automatically disqualified for 15 years.

Stephen Baister (Consultant)