HC Deb 23 March 1994 vol 240 cc229-30W
Mr. Austin Mitchell

To ask the President of the Board of Trade when the inspectors to inquire into the affairs of Pennine Commercial Holdings were appointed; when the inquiry was completed; what are the business connections of the inspectors; whether any of them came from the accountancy firms criticised in any DTI inspectors' on the company's record. I must emphasise, that dissolution action is not intended to be a punishment for failing to comply with the disclosure requirements of the Companies Act. Finally, I can assure you that Companies House is committed in everything it does to balance the interests of limited companies who have a statutory duty to provide information, with the interests of the public who have a right by law to such information. If records at Companies House are up-to-date, companies can be investigated and assessed before any dealings take place and a great deal of financial uncertainty and, as is so often the case today, the loss of hard earned money may be avoided. I hope that I have correctly interpreted the questions which you have tabled and that I have covered the points raised. Should you, however, require any additional information please do not hesitate to contact me.

reports; what is the cost of the investigation and how it has been disbursed to each inspector; what reports so far have been published; and when he will publish the final reports.

Mr. Neil Hamilton

Elizabeth Appleby QC and Peter Wilfred Foss FCA of Moores Rowland were appointed inspectors of Pennine Commercial Holdings plc on 4 October 1983 under the provisions of Section 165(1)(b) of the Companies Act 1948 (now section 432 of the Companies Act 1985). The inspectors have not been criticised in any DTI inspection report. The inspectors are reviewing their interim report on Pennine Commercial Holdings with a view to submitting a final report following the conclusion of criminal proceedings. When the completed report is submitted, publication will be considered. The cost of the investigation to date is £384,000 of which £35,000 relates to the legal inspector, and the balance to Mr. Foss's firm.