Interserve - Question

Part of the debate – in the House of Lords at 3:29 pm on 20th March 2019.

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Photo of Lord Browne of Ladyton Lord Browne of Ladyton Labour 3:29 pm, 20th March 2019

My Lords, the annual revenues of Interserve were £2.9 billion, two-thirds of which it got from the public sector. The debt holders got this business for approximately £600 million, and will undoubtedly sell off its profitable parts for more than they were owed. However, the unsecured creditors have been left fighting over £600,000. Were the Government part of that deal? How much was owed to these creditors? Why do the Government think that that amount of money is safe? These people will lose lots of money and many of them are small or medium-sized businesses.