§ Mr. Marlowasked the Secretary of State for Trade if he will carry out an investigation under the Companies Acts of the collapse of Norton Warburg, and include the circumstances surrounding the sale of Cadac (London) Limited in 1978 by Touche Ross as receivers in which directors of Norton Warburg were involved.
§ Mr. EyreI refer my hon. Friend to my reply in theOfficial Report, 16 March 1981—[Vol. 1, c. 10]—when I was first asked whether I would institute a Department of Trade inquiry into the affairs of Norton Warburg. I understand that there was no sale of Cadac (London) Limited but that joint receivers appointed by a debenture holder on 10 October 1978 realised certain of that company's assets. On 13 November 1978 a winding up order was made against the company and the liquidator appointed by the court, Mr. G. A. Auger of Stoy Hayward and Partners, applied for and obtained a declaration by the court that the debenture was invalid as a result of which the joint receivers accounted to him for their realisations.