New Millennium Experience Company: Chairman

Part of the debate – in the House of Lords at 3:17 pm on 24th May 2000.

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Photo of Lord Marsh Lord Marsh Crossbench 3:17 pm, 24th May 2000

My Lords, the Minister is distancing himself totally from this matter. Can the Government really do that? Surely the reality is that the only rescuer likely to be available was the lottery fund, and no one could have relied totally on that. That board--commercial or not--must have had cash flow forecasts and figures which demonstrated that at some point it would run out of the ability to meet its liabilities. It went to the fund for assistance, knowing that it might not receive that assistance. Can the Minister tell us when the board knew that it was likely to run out of its ability to meet its liabilities, and what the date was when that would have happened? Is it possible that it might, at least technically, have been trading while insolvent?