Mr. John Mark Taylorasked the Secretary of State for Trade and Industry (1) when his Department first commenced its current investigations into the affairs of Prior Harwin;
(2) if his Department was aware as at 15 December 1986 that Prior Harwin had set out to attract trading in British Gas shares;
(3) if his Department's investigations were sufficiently advanced by 15 December 1986 to have justified suspending the trading activities of Prior Harwin on that date.
§ Mr. HowardInquiries under section 447 of the Companies Act 1985 into Prior Harwin plc and Prior424W Harwin Securities Limited began on 1 August 1986. At 15 December 1986, my Department was aware that Prior Harwin Securities Limited had set out to attract trading in British Gas shares. Action was taken to present a petition for the winding up of both companies and for the appointment of the Official Receiver as provisional liquidator as soon as sufficient information and legal advice was available to support such a serious step.
Mr. John Mark Taylorasked the Secretary of State for Trade and Industry how many traders in British Gas shares now rank as unsecured creditors of Prior Harwin; and how much in total is their unsecured claim.
§ Mr. HowardThe Official Receiver was appointed as provisional liquidator on 22 December 1986; he has so far been notified of 796 possible claims amounting to £731,000 relating to potential purchases of British Gas shares.