Thank you. Llywydd, the committee, of course, as the Minister has explained, has not had the opportunity to scrutinise this particular memorandum. But, as Chair of the committee, there are a number of comments that I think it is important that I do make, because this is a serious piece of legislation that does impact on rights, albeit predominantly corporate rights, but also, to some extent, individual rights.

So, the legislation is brought within the context of the economic and financial pressures, which are very much unique, in these extraordinary circumstances. So, the normal fiscal rules and obligations, if applied strictly, could lead to many companies collapsing. So, the purpose of the Bill is to create a space for any company in financial difficulty—a breathing space, as it is described—by removing the impact of creditor action, that is, steps that a company or individual can take to enforce debts and financial obligations.

So, the Bill does allow a company an important moratorium of up to 40 days. And, in addition, it restricts the capacity for legal actions—that is, essentially, enforcement. There have rightly been identified issues relating to registered social landlords in the Bill that conflict with aspects of Welsh Government policy. A key objective outlined by the Welsh Government is to maintain existing powers and responsibilities as set out in the Housing Act 1996, which the Minister referred to, and to ensure there are no negative consequences for registered social landlords.

The Bill makes moratorium provision for registered social landlords in difficulty using a draft affirmative procedure, but negative resolution procedure for the first six months. In addition, the duty in the Bill to consult on any regulations during the first six weeks will also not apply.

Now, as a committee, we will want to review in due course the operation of this Bill and the way in which the powers it provides have been used. Thank you, Llywydd.