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Written question asked by Lord Myners (Crossbench) on Wednesday, 22 May 2019, in the House of Lords. It was due for an answer on Thursday, 6 June 2019. It was answered by Lord Henley (Conservative) on Tuesday, 4 June 2019 on behalf of the Department for Business, Energy and Industrial Strategy.

Greybull Capital

Question

To ask Her Majesty's Government whether they will undertake a review into the activities of Greybull Capital, in particular with regard to (1) Monarch Airlines, (2) British Steel, (3) issues of creditor preference, and (4) the completeness and accuracy of public statements made by Greybull Capital, its partners, and employees.

Answer

The Official Receiver is under a statutory duty to investigate the cause of failure of any company in compulsory liquidation and generally its business, dealings and affairs, which will include any actions taken which have been detrimental to creditors or pension schemes, and will do so in the case of British Steel. He has a duty to report any potential misconduct of directors to my rt. hon. Friend the Secretary of State for Business, Energy and Industrial Strategy.

In the case of British Steel, the Secretary of State has written to the Insolvency Service, specifically requesting that the investigation not only looks at the conduct of the directors immediately prior to and at insolvency, but also at the investments made in the company (noting previous commitments given in this regard) and the potential value transferred out of the company.

Secondary information

Type
Written question
Reference
HL15930
Session
2017-19
Subjects
British Steel Insolvency Greybull Capital Monarch Airlines
Link
View this Written question on www.parliament.uk