Enterprise Act 2002 Elizabeth II. Chapter 40

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Great Britain

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TSO (The Stationery Office)

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The Office of Director General of Fair Trading will be replaced (with effect from 1 April 2003) by the Office of Fair Trading (OFT). New independent competition bodies will take decisions on merger and market investigations using competition-based tests rather than the current public interest test. A maximum penalty of five years in prison will deter individuals who dishonestly operate hardcore cartels. Victims of anti-competitive behaviour will find it easier to bring claims for damages for losses due to anti-competitive behaviour. Stop Now Orders will be extended to protect consumers from traders who do not meet their legal obligations. The OFT will be obliged to respond within 90 days to 'super-complaints' from consumer bodies. In insolvency cases , the use of administrative receivership will be restricted and the balance will be shifted in favour of administration. The Crown's preferential right to recover unpaid taxes ahead of other creditors, will be abolished. Almost all bankrupt individuals will be automatically discharged after a maximum of 12 months. Reforms to the Insolvency Services Account will mean that creditors receive the maximum possible investment return.