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Farepak

Volume 451: debated on Monday 6 November 2006

To ask the Secretary of State for Trade and Industry when he plans to meet the directors of Farepak. (96695)

[holding answer 24 October 2006]: The Minister for Trade has no plans personally to meet the directors of Farepak.

My right hon. Friend the Secretary of State for Trade and Industry has already announced that the Department's companies investigation branch is conducting an inquiry into the circumstances surrounding the failure of Farepak and our officials will seek to interview whomever they consider can assist them in their inquiries.

To ask the Secretary of State for Trade and Industry whether he is planning to meet the directors of HSBC to discuss the collapse of Farepak. (96696)

[holding answer 24 October 2006]: The Minister for Trade has no plans personally to meet the directors of Farepak’s bank.

My right hon. Friend the Secretary of State for Trade and Industry has already announced that the Department’s companies investigation branch is conducting an enquiry into the circumstances surrounding the failure of Farepak and our officials will seek to interview whomever they consider can assist them in their inquiries.

To ask the Secretary of State for Trade and Industry when he expects the administrator BDO Stoy Hayward to report on the closure of Farepak. (98690)

Administrators were appointed on 13 October over Farepak Food and Gifts Ltd. They have six months from the date of their appointment within which to report to my right hon. Friend the Secretary of State on the conduct of the directors of the company.

The Administrators will publish an initial report to Creditors on the finances of the company within six weeks.

My right hon. Friend the Secretary of State for Trade and Industry has already announced that the DTI’s criminal investigation branch is conducting an inquiry into the circumstances surrounding the future of Farepak.

To ask the Secretary of State for Trade and Industry what representations he has received from the Hamper Industry Trade Association with regard to the collapse of Farepak. (98691)

None, but my right hon. Friend the Minister for Trade will be meeting the association in the near future.

To ask the Secretary of State for Trade and Industry whether he is planning to meet the directors of HBOS to discuss the collapse of Farepak. (98918)

[holding answer 2 November 2006]: My right hon. Friend the Minister for Trade has no plans to meet the directors of Farepak’s bank.

My right hon. Friend the Secretary of State for Trade and Industry has already announced that my department’s companies investigation branch is conducting an enquiry into the circumstances surrounding the failure of Farepak and our officials will seek to interview whomever they consider can assist them in their inquiries.

To ask the Secretary of State for Trade and Industry what discussions he has had with the Farepak administrator on (a) asset recovery, (b) asset disposal and (c) the position of creditors. (99081)

[holding answer 2 November 2006]: I have met the administrators to discuss their preliminary findings. The administrators have issued some information by way of press releases and by updating the Farepak website. They are required to report their appointment to the creditors (so far as they are aware of their addresses) within 28 days of their appointment, unless the court directs otherwise. They are also required within three months of the date of their appointment (or such other period as the court may allow) to put their proposals for achieving the purpose of the administration to the creditors for consideration.