De Lorean Motor Cars Ltd

HC Deb 07 June 1988 vol 134 cc460-1W

Mr. Latham

To ask the Secretary of State for Northern Ireland how much money owing to public funds as a result of the collapse of De Lorean Motor Cars Ltd has so far been recovered; how much is still outstanding or unaccounted for; and what has been the cost to public funds to date in fees and other related administrative expenses.

Mr. Viggers

Of the £77 million public funds invested in De Lorean Motor Cars Ltd, the total amount recovered to date by the joint receivers, Sir Kenneth Cork and Mr. Christopher Hughes of Cork Gully, is £12.6 million. That amount included an award in specie of £1.8 million in respect of property at Dunmurry and a total of £3.54 million paid to Government Departments as preferential creditors. £53.7 million of the Government's claim against the company, which excludes share capital of £17.8 million but includes interest and royalties due, remains outstanding. At 29 February 1988 the fees, expenses and costs incurred so far in the receivership and various legal actions amounted to £3.9 million.