ISCT Ltd. (Hansard, 7 December 1995)

§ Mr. Meacher
To ask the President of the Board of Trade what inquiry his Department has initiated or plans concerning the activities of any directors of the Ferranti-ISC subsidiary ISCT Ltd.; and what action his Department has taken as a result. [5619]
334W

§ Mr. Oppenheim
ISC Technologies Ltd. went into administrative receivership on 1 December 1993. Returns under the Company Directors Disqualification Act 1986 were submitted by the administrative receivers on 25 May 1994.
No disqualification proceedings or other action has been taken or is proposed by the Department on present information.

§ Mr. Meacher
To ask the President of the Board of Trade what steps he has taken to initiate disqualification proceedings against former directors of the Ferranti-ISC subsidiary ISCT Ltd. through which the fraud against that parent company was perpetrated; and if he will make a statement. [4358]

§ Mr. Oppenheim
[holding answer 6 December 1995]: ISC Technologies Ltd. went into administrative receivership on 1 December 1993. Returns under the Company Directors Disqualification Act 1986 were submitted by the administrative receivers on 25 May 1994.
No disqualification proceedings have been taken or are proposed by the Department.

§ Mr. Meacher
To ask the President of the Board of Trade, what inquiries he has initiated regarding the position of beneficiaries of the pension fund of the former Ferranti-ISC fund; what action he has taken to protect the position of the beneficiaries; and if he will make a statement. [4359]

§ Mr. Oppenheim
[holding answer 6 December 1995]: The assets of the Ferranti-ISC group of companies are being dealt with by joint administrative receivers, without the involvement of the Department, who report that after payment in full of the preferential creditors and the banks' claims as first ranking secured creditors, a payment to the pension fund on account of its second ranking secured claim for £15 million may be possible. The major part of the pension fund is not affected by the receivership and is protected for its beneficiaries.