Lorean Motor Cars Ltd.

HC Deb 19 June 1989 vol 155 cc19-20W

Mr. Barry Field

To ask the Secretary of State for Northern Ireland what progress he is making in recovering public funds from Mr. De Lorean.

Mr. Viggers

The joint receivers of the former De Lorean Motor Cars Ltd., appointed by the Government, have secured a judgment in the London High Court against Mr. John De Lorean for £30 million plus interest. Action is currently under way in the United States to enforce that judgment. In addition, the trustee of De Lorean Motor Co. in the United States bankruptcy proceedings, has recovered $9.36 million under a settlement agreement with Mr. De Lorean. The Government have a significant interest in any distributions the trustee may make.

The Government also have direct and indirect interests in the outcome of legal actions against a number of other persons in relation to the De Lorean case.