§ Mr. Mike O'BrienTo ask the President of the Board of Trade what assessment he has made of the procedures followed by the DTI, the Treasury and the Bank of England, in respect of the voluntary liquidation of Chancery bank; and if he will make a statement. [18704]
Mr. John M. TaylorOn 5 August 1993, my predecessor, my hon. Friend the Member for Tatton (Mr. Hamilton), announced the appointment of inspectors under section 432(2) of the Companies Act 1985 to investigate and report on the affairs of Chancery plc.
The appointment followed the appointment of administrators on 18 February 1991 and a subsequent voluntary arrangement approved by creditors.
The inspectors have not completed the report of their investigation, and I am unable to comment further until they have done so.