§ Mr. VazTo ask the President of the Board of Trade when he last met the liquidators of BCCI to discuss progress with the liquidation. [41288]
§ Mr. Oppenheim[holding answer 3 November 1995]: My officials last met the joint liquidators on 31 March 1995.
§ Mr. VazTo ask the President of the Board of Trade how many creditors reports have been published by the liquidators of BCCI. [41289]
§ Mr. Oppenheim[holding answer 3 November 1995]: Three annual reports to the Secretary of State made under regulation 14 of the Insolvency Regulations 1994 have been made available to the creditors of BCCI. In addition, the joint liquidators have reported to the creditors on specific issues as they have arisen in the liquidation.
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§ Mr. VazTo ask the President of the Board of Trade if he will make a statement on the outstanding settlement issues in the BCCI liquidation. [41290]
§ Mr. Oppenheim[holding answer 3 November 1995]: No. These are matters for the joint liquidators.
§ Mr. VazTo ask the President of the Board of Trade how much creditors' money is currently held by the liquidators of BCCI. [41291]
§ Mr. Oppenheim[holding answer 3 November 1995]: The joint liquidators are holding funds of £415 million. Additional sums have been recovered and are held in pool realisation accounts on behalf of the pooled liquidation. Sums held in these accounts currently amount to $694 million.
§ Mr. VazTo ask the President of the Board of Trade how much money has been recovered by the liquidators of BCCI since the liquidation commenced. [41292]
§ Mr. Oppenheim[holding answer 3 November 1995]: The joint liquidators had recovered £694 million since their appointment. In addition, $694 million has been recovered directly into pooled realisation accounts by the liquidators of the pooled liquidation.
§ Mr. VazTo ask the President of the Board of Trade how much money has been received by the liquidators of BCCI from(a) the USA settlements (b) other parties and (c) the sale of First American bank. [41291]
§ Mr. Oppenheim[holding answer 3 November 1995]: The pooled liquidations have received $487 million in respect of American settlements. The liquidators of the pooled liquidations have not yet received any funds from the sale of the First American bank.
§ Mr. VazTo ask the President of the Board of Trade what has been the total of fees taken by the liquidators of BCCI, Touche Ross, in respect of the liquidation(a) in dollars, (b) in £ sterling. [41295]
§ Mr. Oppenheim[holding answer 3 November 1995]: Total authorised fees drawn by the joint liquidators to 15 October 1995 amount to £116 million.
§ Mr. VazTo ask the President of the Board of Trade what has been the total fees taken by the solicitors acting for the liquidators of BCCI Messrs Lovell White Durrant in respect of the liquidation(a) in dollars and (b) £ sterling. [41296]
§ Mr. Oppenheim[holding answer 3 November 1995]: Legal fees paid to Messrs Lovell White Durrant and other solicitors by the joint liquidators amount to approximately £50 million.
§ Mr. VazTo ask the President of the Board of Trade when he now expects the creditors of BCCI to receive their first compensation payment. [41297]
§ Mr. Oppenheim[holding answer 3 November 1995]: The joint liquidators have advised my officials that the timing and amount of any distribution to creditors is dependent on the determination of the appeal currently before the Court in Luxembourg.