Written question asked by Michael Clapham (Labour) on Monday, 17 December 2001, in the House of Commons. It was due for an answer on Wednesday, 19 December 2001. It was answered by Ruth Kelly (Labour) on Wednesday, 19 December 2001 on behalf of the Treasury.

Treasury

Question: To ask Mr Chancellor of the Exchequer, what measures he will introduce to stop companies and insurers avoiding their asbestos liabilities; if he will ensure that Treasury officials assist the lawyers acting for UK claimants to coordinate their claims against Turner and Newall with lawyers working for creditors against Federal Mogul; what money Turner and Newall put aside for future asbestos claims; and (a) whether this constitutes a trust and (b) how it is affected by the administration order; when he expects the stop that has been placed on compensation cheques by Turner and Newall to be lifted; what action he will take to ensure that the interests of UK asbestos victims are protected during (a) the administration of Turner and Newall and (b) the Chapter II reorganisation of Federal Mogul pending in the USA bankruptcy court in Wilmington, Delaware; what was the basis of the financial package Turner and Newall agreed with a consortium of European re-insurers to cap their asbestos liabilities in November 1996; if he will set up a public enquiry (a) to examine the sale of Turner and Newall to Federal Mogul and (b) to ascertain whether the company has been managed in accordance with good business practice; what the trading position of Turner and Newall is; and on what date it formally stopped trading in the U.K.

Secondary information

Type: Written question
Reference: 377 c330-1W; 24878;24877;24879;24880;24876;24883;24881;24875
Session: 2001-02
Subjects: Compensation Company liquidations Applications Asbestos Liability Insurance Trusts Federal Mogul Turner and Newall
Link: View this Written question on www.publications.parliament.uk