Consultation With Creditors Of Bcci

EDM number 760 in 1991-92, proposed by Keith Vaz on 26/02/1992.

That this House welcomes the conclusion of the negotiations between the Sheikh of Abu Dhabi and the liquidators of BCCI and the announcement of the proposals; however considers that it is of the utmost importance that all the creditors of BCCI as far as practicable are fully consulted on the proposals by means of a properly convened creditors' meeting to enable the creditors to have the opportunity to question the liquidators about the settlement proposals and that no final agreement should be made until such a meeting takes place; considers that in the interim, until a full creditors' meeting is convened, the present informal consultative committee should be given sufficient powers to give full and proper directions to the liquidators provided it is made fully representative of the vast majority of creditors; and calls on the Secretary of State for Trade and Industry to continue his best endeavours to ensure that the liquidation proceeds in a just manner having regard to the widest possible consultation.

This motion has been signed by a total of 86 MPs.