HC Deb 22 July 1997 vol 298 cc498-500W
Mr. Vaz

To ask the President of the Board of Trade what is the total amount of funds which have been recovered by the BCCI liquidators since 1992; and what amount of funds is now held by them. [9998]

Mr. Nigel Griffiths

This information is contained in the report of the joint liquidators to the Secretary of State made up to 15 January 1997 copies of which have been placed in the Libraries of the House and a copy of which was sent to my hon. Friend on 30 May 1997.

Mr. Vaz

To ask the President of the Board of Trade if she will ask the liquidators to report progress to her Department in respect of their attempts to recover BCCI assets held by the United States Department of Justice; what sums are being claimed; and if she will investigate the delay in recovering those assets. [9999]

Mr. Griffiths

The joint liquidators reported on their efforts to recover BCCI assets held in the United States of America in their report to the Secretary of State pursuant to regulation 14 of the Insolvency Regulations 1994 for the period 16 January 1996 to 15 January 1997. Copies of this report have been placed in the Libraries of the House and a copy was sent to my hon. Friend on 30 May 1997.

Mr. Vaz

To ask the President of the Board of Trade when she last met the liquidators of BCCI. [10002]

Mr. Griffiths

My officials last met the liquidators of BCCI on 2 July 1997.

Mr. Vaz

To ask the President of the Board of Trade what are the worldwide assets of the BCCI companies, excluding those countries which have ring-fenced their assets; what proportion of the assets is available for distribution to creditors; what factors have led to the remaining assets being unavailable for distribution; what is the aggregate amount for which proofs of debt have been received worldwide, excluding duplicate proofs of debt and proof of debts submitted in countries which have ring-fenced; and what proportion of the amount is disputed. [10003]

Mr. Griffiths

These are matters for the liquidators. My Department does not hold this information.

Mr. Vaz

To ask the President of the Board of Trade what are the total worldwide liabilities of the BCCI companies, excluding those countries which have ring-fenced their assets. [1005]

Mr. Griffiths

My Department does not have this information.

Mr. Vaz

To ask the President of the Board of Trade if she will investigate the factors underlying the non-distribution of assets retained by the BCCI liquidators since 1992. [9997]

Mr. Griffiths

No, but if my hon. Friend will indicate the assets to which he is referring I will cause further inquiries to be made.

Mr. Vaz

To ask the President of the Board of Trade what are the current estimates of the percentage amounts of dividend payments for BCCI creditors; what is the current estimate of the aggregate total of dividends to BCCI creditors which will be paid; and by when they are expected to have been paid. [10001]

Mr. Griffiths

These are matters for the liquidators, but I understand that they hope to pay a substantial further dividend as soon as possible.

Mr. Vaz

To ask the President of the Board of trade if she will set up an inquiry into the conduct of the liquidation of BCCI and the fees charged by the liquidators prior to the payment of the first dividend. [9996]

Mr. Griffiths

No. The conduct of the liquidation of BCCI is a matter for the liquidators, for the liquidation committee and for the court. The remuneration payable to the liquidators is a matter for the liquidation committee, the creditors generally or the court.

Mr. Vaz

To ask the President of the Board of Trade if she will investigate the compliance of demand notices issued to former employees by the English liquidators of BCCI with section 84(1) of the Consumer Credit Act 1974. [9892]

Mr. Griffiths

I am advised that section 84(1) of the Consumer Credit Act 1974 is unlikely to apply to the transactions in question, although other provisions of the Act may, if my hon. Friend has any concerns regarding them would he please send details to the Director General of Fair Trading, who enforces the Consumer Credit Act.

Mr. Vaz

To ask the President of the Board of Trade what estimate he has made of the global costs of the BCCI liquidation to date. [10006]

Mr. Griffiths

None.

Mr. Vaz

To ask the President of the Board of Trade what regulations govern the(a) reporting and (b) publication of liquidators' fees and expenses. [1000]

Mr. Griffiths

Regulation 14 of the Insolvency Regulations 1994 provides that liquidators shall send in an account of their receipts and payments if required by the Secretary of State at any time. In the case of BCCI the liquidators have made copies of their report available to all creditors and copies have been placed in the Libraries of the House.

Mr. Vaz

To ask the President of the Board of Trade what are the global costs of Deloitte Touche's fees in respect of the BCCI liquidation to date. [1004]

Mr. Griffiths

This information is not held by my Department. Information on the total of realisations, remuneration, costs and other expenses of the UK liquidation is given in the joint liquidators' report to the Secretary of State made up to 15 January 1997, copies of which have been placed in the Libraries of the House and a copy of which was sent to the hon. Member on 30 May 1997.