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Proceeding contribution from Pat McFadden (Labour) in the House of Commons on Thursday, 20 November 2008. It occurred during Adjournment debate on Bank of Credit and Commerce International.


Bank of Credit and Commerce International

That is consistent with what I said. It has the option to go to court; that is how insolvency law operates. If creditors wish to challenge such fees, they must go to court to do so. My right hon. Friend stated that the liquidators are holding back a further $800 million for future fees, if I heard him correctly. I am informed that that is not the case, and that a lesser sum is being held back, in respect of unclaimed dividends and dividends declared where the relevant creditors have yet to confirm their claims.


Secondary information

Type
Proceeding contribution
Reference
483 c466 
Session
2007-08
Chamber / Committee
House of Commons chamber
Subjects
Bank services Banks Bankruptcy Bank of Credit and Commerce International
Link
View this Proceeding contribution on www.publications.parliament.uk