HC Deb 05 June 1972 vol 838 cc16-7
21. Mr. Rost

asked the Secretary of State for Trade and Industry when he expects the independent assessor will conclude his evaluation of the price to be paid for the assets taken over from Rolls-Royce Limited by Rolls-Royce (1971) Limited.

Mr. Onslow

The assessor appreciates the need for a price to be settled as soon as possible and is presently discussing his timetable with the parties involved, who are both anxious to see a speedy conclusion. It is too early to say when his deliberations will be concluded.

Mr. Rost

Does the Minister agree that it is 16 months since the assets were taken over, that obviously it will be several months before a price is agreed, that there should now be an interim payment to the liquidator so that he can make payments to creditors, many of whom are in capital goods and engineering and machine tool companies, and that this would be an efficient way to improve employment and orders in capital equipment industries?

Mr. Onslow

My hon. Friend's suggestion is a matter for the joint liquidators. I understand that they have announced that distribution of at least 10 per cent. will be made in September whether or not the Rolls-Royce (1971) assets price has been determined by then.

Mr. Whitehead

Does the Minister not realise the very serious hardship there is in my constituency in Derby, hardship caused to creditors, and particularly to workers who own shares in the company, and also to ordinary share shareholders, by this extraordinary delay and that it is simply not good enough to put everything back on to the liquidator?

Mr. Onslow

I am aware that the consequences of this bankruptcy are widespread, although the hon. Member will not expect me to say more on the subject of workers' shares beyond what I said in the Adjournment debate the other night. I think it is understood that where there is wide disagreement between the parties the procedure of going to an assessor to reach an agreement is one which must be gone through in the public interest.