1-20 of 110 results for subject:"Greybull Capital"
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To ask Her Majesty's Government when they last communicated with Greybull Capital and Petrol Jersey Limited about the repayment of the costs to taxpayers of repatriating UK passengers of Monarch Airlines when that airline collapsed.
To ask Her Majesty's Government when they last communicated with Greybull Capital and Petrol Jersey Limited about the repayment of the costs to taxpayers of repatriating UK passengers of Monarch Airlines when that airline collapsed.
Greybull Capital is not itself a shareholder in Monarch Airlines but it does perform an advisory and management role for the principal shareholder, Petrol Jersey Limited. There is no formal legal mechanism we can use to oblige Greybull to contribute towards the cost of repatriating passengers.
Marc Meyohas, partner at Greybull, wrote to the Transport Select Committee on 24 October 2017 acknowledging a moral obligation (if they make a profit) to contribute and help to defray the costs incurred by the Government in repatriating Monarch customers.
The extent of any profit or loss from Greybull Capital and Petrol Jersey Limited’s investment in Monarch Airlines will depend on the outcome of the administration process, which is not due to conclude until October 2020. Until then, we will not be able to confirm the final total that the Department has recouped.
Discussions with Greybull in relation to recovering the costs of the repatriation operation have been in writing. Ministers last wrote to Greybull on this matter on 5 December 2018.
To ask Her Majesty's Government how many matters are outstanding in calculating the cost to taxpayers of repatriating Monarch Airlines passengers to the United Kingdom; whether independent accountants have been appointed and given access to papers in order to assist in calculating that cost; and what enquiries have been made...
To ask Her Majesty's Government how many matters are outstanding in calculating the cost to taxpayers of repatriating Monarch Airlines passengers to the United Kingdom; whether independent accountants have been appointed and given access to papers in order to assist in calculating that cost; and what enquiries have been made...
The calculation of the final cost to the taxpayer of repatriating Monarch Airlines passengers will depend on the outcome of the administration process, which is not due to conclude until October 2020. As such, the Department for Transport has not appointed independent accountants nor given them access to associated paper work at this time.
Discussions with Greybull in relation to recovering the costs of the repatriation operation have been in writing. Ministers last wrote to Greybull on this matter on 5 December 2018.
To ask Her Majesty's Government whether their current estimate for the cost of repatriating customers of Monarch Airlines to the UK assumes a contribution from (1) the owners, and (2) any associate, of Greybull Capital; and when ministers or officials last contacted Greybull Capital about its willingness to make a...
To ask Her Majesty's Government whether their current estimate for the cost of repatriating customers of Monarch Airlines to the UK assumes a contribution from (1) the owners, and (2) any associate, of Greybull Capital; and when ministers or officials last contacted Greybull Capital about its willingness to make a...
Greybull Capital is not itself a shareholder in Monarch Airlines but it does perform an advisory and management role for the principal shareholder, Petrol Jersey Limited. There is no formal legal mechanism we can use to oblige Greybull to contribute towards the cost of repatriating passengers.
However, Marc Meyohas, partner at Greybull, wrote to the Transport Select Committee acknowledging a moral obligation (if they make a profit) to contribute and help to defray the costs incurred by the Government in repatriating Monarch customers.
The extent of any profit or loss from Greybull Capital and Petrol Jersey Limited’s investment in Monarch Airlines will depend on the outcome of the administration process, which is not due to conclude until October 2020. Until then, we will not be able to confirm the final total that the Department has recouped.
Discussions with Greybull in relation to recovering the costs of the repatriation operation have been in writing. Ministers last wrote to Greybull on this matter on 5 December 2018.
To ask Her Majesty's Government what progress they have made in obtaining a financial contribution from Greybull Capital towards the cost of the return to the UK of passengers on Monarch Airlines consequent on the withdrawal of financial support by Greybull Capital; what is their assessment of whether Greybull Capital...
To ask Her Majesty's Government what progress they have made in obtaining a financial contribution from Greybull Capital towards the cost of the return to the UK of passengers on Monarch Airlines consequent on the withdrawal of financial support by Greybull Capital; what is their assessment of whether Greybull Capital...
Greybull Capital is not itself a shareholder in Monarch Airlines but it does perform an advisory and management role for the principal shareholder, Petrol Jersey Limited. There is no formal legal mechanism we can use to oblige Greybull to contribute towards the cost of repatriating passengers.
However, Marc Meyohas, partner at Greybull, wrote to the Transport Select Committee acknowledging a moral obligation (if they make a profit) to contribute and help to defray the costs incurred by the Government in repatriating Monarch customers.
The extent of any profit or loss from Greybull Capital and Petrol Jersey Limited’s investment in Monarch Airlines will depend on the outcome of the administration process, which is not due to conclude until October 2020.
Profits made by corporations are subject to the tax laws relevant to their jurisdiction. Petrol Jersey Limited is a company which is incorporated in Jersey. It would be for HM Revenue and Customs to confirm whether any such profit would be assessable to tax in the UK.
Discussions with Greybull in relation to recovering the costs of the repatriation operation have been in writing. Ministers last wrote to Greybull on this matter on 5 December 2018.
To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 6 June (HL15957), whether the placement of British Steel in receivership on 25 May (1) disqualifies that company from receiving, or (2) places it at risk of not receiving, 2019 carbon credits; if so, what are the implications...
To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 6 June (HL15957), whether the placement of British Steel in receivership on 25 May (1) disqualifies that company from receiving, or (2) places it at risk of not receiving, 2019 carbon credits; if so, what are the implications...
The Deed of Forfeiture bridge facility agreed between Government and British Steel Limited provides legal protections to give Government control of 2019 EU ETS allowances, even under the scenario of insolvency.
Under the Deed of Forfeiture agreed between the company and British Steel Limited, the companyâs 2019 allowances will be assigned to the Government once issued, and the proceeds from selling these is expected to cover the costs of purchasing the allowances. Greybull are not party to this Deed of Forfeiture, and as a result of the liquidation, day-to-day control has passed to the liquidator of British Steel Limited.
The terms of the commercial agreement between Government and British Steel are set out in letters from the Permanent Secretary of the Department for Business, Energy and Industrial Strategy to the Chair of the Public Accounts Committee and the Comptroller & Auditor General, copies of which have been placed in the Libraries of both Houses.
To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 22 May (HL15809), whether the review and assessment process followed by the British Business Bank also applied to the process supporting their grant of a £120 million loan to British Steel; and whether that process included...
To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 22 May (HL15809), whether the review and assessment process followed by the British Business Bank also applied to the process supporting their grant of a £120 million loan to British Steel; and whether that process included...
The British Business Bank was not involved.
To ask the Chancellor of the Exchequer, what recent assessment he has made of the effect of the £120 million Government loan to British Steel in May 2019 on that company's viability; and what assessment he has made of the role of Greybull Capital in that company's insolvency.
To ask the Chancellor of the Exchequer, what recent assessment he has made of the effect of the £120 million Government loan to British Steel in May 2019 on that company's viability; and what assessment he has made of the role of Greybull Capital in that company's insolvency.
As the Secretary of State for BEIS set out in his statement to the House on 1 May, the government entered into a commercial agreement with British Steel on 23 April, which provided a short term bridge facility valued at around £120 million. This ensured the company met its obligations under the EU Emissions Trading Scheme for the 2018 scheme year.
Following the recent insolvency of British Steel, the government has indemnified the Official Receive to carry out its statutory duties as liquidator. The Official Receiver is required by law to investigate the reasons for the failure of any company that enters compulsory liquidation.
To ask Her Majesty's Government whether they plan to take any action to persuade Greybull Capital and its associates to contribute any gains made from its (1) investment in, and (2) loans to, British Steel towards reducing (a) the deficit of the British Steel Pension Scheme, and (b) the impact...
To ask Her Majesty's Government whether they plan to take any action to persuade Greybull Capital and its associates to contribute any gains made from its (1) investment in, and (2) loans to, British Steel towards reducing (a) the deficit of the British Steel Pension Scheme, and (b) the impact...
The Official Receiver was appointed liquidator of British Steel Limited. In his role as liquidator, the Official Receiver is under a statutory duty to investigate the cause of failure of the company and generally its business, dealings and affairs and has wide-ranging powers to obtain information, material, and explanations.
My rt. hon. Friend the Secretary of State wrote to the Insolvency Service on 22 May requesting that the Official Receiver’s 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, value transferred out of the company and whether any action by directors has caused detriment to creditors or to the pension schemes.
To ask Her Majesty's Government to which company in the British Steel group of companies they extended a loan of £120 million for the purchase of carbon credits; whether that loan was guaranteed by Greybull Capital and associates; whether the borrower benefited from, or was exposed to, guarantees to other...
To ask Her Majesty's Government to which company in the British Steel group of companies they extended a loan of £120 million for the purchase of carbon credits; whether that loan was guaranteed by Greybull Capital and associates; whether the borrower benefited from, or was exposed to, guarantees to other...
The support was provided to British Steel Limited in the form of a bridge facility. Under the terms of the commercial arrangement, the Government purchased the necessary allowances on behalf of British Steel Limited in the week leading up to 30 April and then surrendered them, via British Steel Limited's Operator Holding Account, to the EU Surrender Account. This occurred before the 30th April compliance deadline to surrender allowances for the 2018 reporting year, thus enabling British Steel Limited to meet its environmental obligations and avoid any penalties that would otherwise have resulted from non-compliance. In return, under a deed of forfeiture, the companyâs 2019 allowances will be assigned to the Government once issued, and the proceeds from selling these is expected to cover the costs of purchasing the allowances.
The terms of the commercial agreement between the Government and British Steel are set out in letters from the Permanent Secretary of the Department for Business, Energy and Industrial Strategy to the Chair of the Public Accounts Committee and the Comptroller & Auditor General, copies of which have been placed in the Libraries of both Houses.
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.
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.
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.
To ask Her Majesty's Government whether, in extending credit to British Steel, they took into account (1) the management of the borrower, (2) the value for money provided by Greybull Capital in respect of their management charges and other related party transfers, and (3) the use of a capital structure by...
To ask Her Majesty's Government whether, in extending credit to British Steel, they took into account (1) the management of the borrower, (2) the value for money provided by Greybull Capital in respect of their management charges and other related party transfers, and (3) the use of a capital structure by...
I refer the noble Lord to the answer I gave to him on 10 May 2019 to Question HL15469.
My Lords, with the leave of the House I shall now repeat a Statement made in another place by my right honourable friend the Secretary of State for Business, Energy and Industrial Strategy. The Statement is as follows:
“With your permission, Mr Speaker, I would like to make a Statement about...
My Lords, with the leave of the House I shall now repeat a Statement made in another place by my right honourable friend the Secretary of State for Business, Energy and Industrial Strategy. The Statement is as follows:
“With your permission, Mr Speaker, I would like to make a Statement about...
My Lords I am grateful to the Minister for repeating the Statement on British Steel made in the other place by his right honourable friend the Secretary of State for BEIS. It rather neatly demonstrates that there is a bit of a gap between what is happening in Parliament, with...
My Lords I am grateful to the Minister for repeating the Statement on British Steel made in the other place by his right honourable friend the Secretary of State for BEIS. It rather neatly demonstrates that there is a bit of a gap between what is happening in Parliament, with...
My Lords, I too thank the Minister for repeating the Statement made in the other place. Yesterday we talked about the environment of uncertainty around Brexit, which has put pressure on this business. It certainly cannot have helped it in its struggle. I will not repeat those points today, because...
My Lords, I too thank the Minister for repeating the Statement made in the other place. Yesterday we talked about the environment of uncertainty around Brexit, which has put pressure on this business. It certainly cannot have helped it in its struggle. I will not repeat those points today, because...
My Lords, I start by agreeing with both noble Lords. I accept the words they used: the noble Lord, Lord Stevenson, said that this was devastating news and the noble Lord, Lord Fox, said that it was terrible news. It is bad news, as my right honourable friend the Secretary...
My Lords, I start by agreeing with both noble Lords. I accept the words they used: the noble Lord, Lord Stevenson, said that this was devastating news and the noble Lord, Lord Fox, said that it was terrible news. It is bad news, as my right honourable friend the Secretary...
My Lords, was there ever any prospect of British Steel being selected to provide all the steel rails necessary for the HS2 project, and would that have made any difference?
My Lords, was there ever any prospect of British Steel being selected to provide all the steel rails necessary for the HS2 project, and would that have made any difference?
My Lords, I do not know whether that is the case; I will make inquiries. I know that providing steel for Network Rail is a major part of its business and it is a major supplier. Whether that would be the case for those who are building HS2 is another...
My Lords, I do not know whether that is the case; I will make inquiries. I know that providing steel for Network Rail is a major part of its business and it is a major supplier. Whether that would be the case for those who are building HS2 is another...
My Lords, the Scunthorpe site sits in my constituency. For those nearly 5,000 employees and 20,000 workers in the supply chain, news that the directors of British Steel will enter into an insolvency process will be devastating, particularly for the families. Does the Minister agree that British Steel’s success is...
My Lords, the Scunthorpe site sits in my constituency. For those nearly 5,000 employees and 20,000 workers in the supply chain, news that the directors of British Steel will enter into an insolvency process will be devastating, particularly for the families. Does the Minister agree that British Steel’s success is...
Coming from Lincolnshire, my noble friend knows exactly the problems faced by those employed by British Steel in Scunthorpe. As my right honourable friend made clear, particularly in responding to a whole raft of questions from those in another place who have constituency interests, one of our first concerns is...
Coming from Lincolnshire, my noble friend knows exactly the problems faced by those employed by British Steel in Scunthorpe. As my right honourable friend made clear, particularly in responding to a whole raft of questions from those in another place who have constituency interests, one of our first concerns is...
My Lords, there is a strategic defence requirement for a capability to produce steel. Thirty-seven years ago, in the early hours of the morning my ship sank and blew up in the Falklands, having been attacked for 18 hours. In war you need to replace ships, and you cannot always...
My Lords, there is a strategic defence requirement for a capability to produce steel. Thirty-seven years ago, in the early hours of the morning my ship sank and blew up in the Falklands, having been attacked for 18 hours. In war you need to replace ships, and you cannot always...