HC Deb 18 January 1994 vol 235 cc523-4W
Mr. Meacher

To ask the Chancellor of the Exchequer on what precise grounds(a) Cork Gully recommended that the debt owed by Unicorn Heritage plc be written off and (b) the Treasury accepted that the debt could not be repaid by the directors of the company.

Mr. Dorrell

Cork Gully, as liquidator of Unicorn Heritage plc, assessed the assets and liabilities of the company and on 12 October 1990 informed the English tourist board that there was no prospect of any payment of a dividend to unsecured creditors. As a result on 16 April 1991 the English tourist board decided that it would seek approval for the debt to be written off from the Department of National Heritage and the Treasury, and wrote to the Department of National Heritage on 12 March 1992. In the light of the information provided by Cork Gully and the ETB, the Treasury on 14 May 1993 accepted that there was no prospect of a dividend. As Unicorn Heritage plc had limited liability status the directors were not personally responsible for the debts incurred by the company.