§ Mr. Kenneth Bakerasked the Chancellor of the Exchequer if he will make a statement on the Government's obligations to creditors of companies in which it has a financial interest.
§ Mr. Maurice MacmillanFollowing upon the Third Report of the Public Accounts Committee, 1970–71, which dealt with the case of the Beagle Aircraft Company, I am concerned that there should be no misunderstanding as to the position of creditors in relation to limited 283W liability companies in which the Government has a financial interest—for example, as creditor, minority, majority, or sole shareholder. I should make it absolutely plain that those doing business with such a company must act on the assumption that liability for the company's debts will be determined solely in accordance with the normal rules applicable to a limited liability company under the Companies Acts except where the Government undertake or have undertaken a specific commitment in relation to those debts.