HC Deb 02 March 1970 vol 797 cc20-1W
74. Mr. Onslow

asked the Minister of Technology if he will place in the Library a copy of the Articles of Association of the Beagle Aircraft Company, as incorporated in July, 1968, together with any other documents stipulating the approved programme of work and agreed financial limits laid down by himself.

Mr. Benn

I have arranged for a copy of the Memorandum and Articles of Association of Beagle Aircraft Ltd. to be placed in the Library.

The agreed financial limits are those notified to the House during the Committee stage of the Industrial Expansion Bill on 14th March, 1968; namely, a total of a further £2.5 million working finance after 1st April, 1968, of which £0.5 million was to be obtained from commercial sources.

The approved programme was fully discussed with the company and it would not be normal to publish this kind of document.

Mr. Tom Boardman

asked the Minister of Technology what is his estimate of the amount by which the liabilities of Beagle Aircraft Limited exceeded its assets at the date of the appointment of the Receiver.

Mr. Benn

The receiver's approximate statement of affairs of Beagle Aircraft Ltd. as at the date of his appointment gives an estimated deficiency as regards unsecured creditors, subject to costs of realisation and excluding Government loans, of £1,205,500.

Mr. Tom Boardman

asked the Minister of Technology who in Beagle Aircraft Limited was responsible for holding and administering the foremen's fund and the sickness scheme fund; and what was the deficiency in each fund at the date of the appointment of the Receiver.

Mr. Benn

I am informed by the company that the foreman's fund is administered by the Foreman and Staff Mutual Benefit Society of Glasgow, the Shoreham Sick Club funds were held and administered by employees belonging to that club and the Rearsby Sick Club funds were held and administered by the company; there were no deficiencies in any of these funds at the date of the appointment of the receiver and manager.