Gift Vouchers and Insolvency Bill

Key Points

• Creates a new preferential creditor status for gift voucher purchasers during a company administration.
• Voucher holders would rank ahead of many other unsecured creditors when assets are distributed.
• The change applies specifically to administrations and would not automatically alter treatment in other insolvency processes.
• Aims to protect consumers who buy gift vouchers and reduce losses when businesses fail.
• Originates in the House of Commons and is currently at the second reading in the Commons (first reading in 2013).

Progress

The bill is at the second reading in the House of Commons. It originated in the Commons, with a first reading recorded in 2013.