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Nation Life (Liquidation)

Volume 897: debated on Monday 4 August 1975

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asked the Secretary of State for Trade if he will give a detailed breakdown of the figures of the £500,000 legal costs, of the £700,000 liquidator and special manager remuneration and of the £282,000 Department of Trade audit fee, in connection with the liquidation of Nation Life.

I am informed that the figures quoted are very approximate estimates put forward by the liquidator during the recent court hearing, and that it is not possible to give a detailed breakdown. I understand, however, that the figure of £500,000 for legal costs includes reserves for the costs of over 20 parties to the recent proceedings, reserves for possible proceedings connected with the realisation of remaining assets, and provision for possible appeals. The figure of £700,000, again, is a very approximate estimate of an amount likely to be due to the liquidator in his capacity as such and also for the services as special manager. The figure of £282,500 is his estimate, on the basis of the fees regulations, of an amount due to the Department when certain of the fees became chargeable.