HC Deb 07 August 1972 vol 842 cc1239-40
16. Mr. Whitehead

asked the Secretary of State for Trade and Industry when he now expects negotiations over the purchase price of the assets of Rolls-Royce Limited to be completed.

Mr. Onslow

This issue has now been referred to an independent expert, and I cannot forecast how long the hearings will take or the time which the expert will need to make his award.

Mr. Whitehead

In the event of a favourable answer to later Questions on the Order Paper in seeking to remove some of the remaining doubts about the future of Rolls-Royce Ltd., may I ask the hon. Gentleman whether he will grasp the point that many thousands of shareholders and worker shareholders, particularly in Derby, cannot see why this matter should drag on for so long without any apparent indication of when it is to be resolved?

Mr. Onslow

The hon. Gentleman will not expect me to anticipate answers to later Questions on the Paper, but I must say that in this case there is no question other than that very large sums of money are involved. It is clearly right that the determination should be done in the most painstaking way, even though all parties involved are conscious of the need for speed.

Mr. Rost

Since an initial payment of £30 million has been made, and in view of the delay in negotiations continuing, will my hon. Friend agree to the making of a further interim payment so that creditors at least can have partial distribution from the liquidator?

Mr. Onslow

My hon. Friend will remember that I told him earlier this year that the liquidator hopes to be able to make an interim distribution of at least 10 per cent. this autumn. I cannot take his point about a further interim payment.