HC Deb 15 December 1975 vol 902 cc485-6W
7. Mr. Grylls

asked the Secretary of State for Trade whether he is satisfied that the total of £1,482,000 charged in fees and costs on Nation Life's liquidation is fair and reasonable.

Mr. Clinton Davis

The total sum mentioned relates to very approximate estimates put forward by the liquidator during court proceedings in July 1975 and reserved by order of court in respect of legal costs, remuneration and fees. The amount eventually found to be due cannot at present be foreseen.

27. Mr. Michael Spicer

asked the Secretary of State for Trade what discussions he has had with the liquidator of Nation Life, with a view to expediting payments to Nation Life's creditors.

Mr. Clinton Davis

We continue to keep in touch with the liquidator. An interim distribution of 41.5p in the £ was paid to the creditors on 30th October. The remaining assets will not be so readily realisable, and the liquidator is unable, at present, to indicate when he will be in a position to make a further distribution. My Department will give him such assistance as it properly can.

45. Sir John Hall

asked the Secretary of State for Trade what have been the costs incurred by his Department in relation to the liquidation of Nation Life: and what are the total fees to be charged by his Department.

Mr. Clinton Davis

The fees becomine due to the Department from time to time under the appropriate fees orders are charged as the work progresses. Their total amount will not be known until the liquidator has completed realisations of assets and distributions to those entitled. Total fees charged to date are about £196,000. The total costs incurred by the Department in relation to Nation Life cannot be ascertained without undue expenditure but the results of the Insolvency Service operations are presented to Parliament in the Bankruptcy Annual General Reports.

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