The Disabled People’s Employment Corporation (GB) Ltd, one of DWP’s arm’s-length bodies, has entered solvent members’ voluntary liquidation. Pricewaterhouse Coopers LLP are the liquidators and any residual asset value will be returned to the Department. The company was previously Remploy Ltd and has been managing legacy issues following the exit of remploy employment services from Government control in April 2015 as a partly employee-owned company.
Since 2015, the board has been working towards a well-ordered closure, dealing with legacy assets and liabilities. The last premises were sold in September 2017, and the company’s members agreed to put the company into liquidation on 7 October 2017.
I plan to deposit the company’s accounts for the period up to liquidation in the Library of the House in due course. But I can reassure the House that the directors believe the company has sufficient assets to settle its creditors in full, and there will be no redundancies as the company has had no employees since 2015. The pensions of those who worked for the company are secure: the Remploy Ltd Pension and Assurance Scheme has been sponsored directly by my Department since 1 April 2016.
The liquidators are now responsible for the company, and the Department will manage the contract with the liquidator, who will refer any significant decisions regarding the on-going management of the Department’s investment in the company to the principal accounting officer if necessary. Responsibilities during this liquidation period are explained in the framework document which will be deposited in the Library of the House today.