Stormseal Ltd,surestyle Ltd, And The Board Of Trade Enquiry

EDM number 229 in 1992-93, proposed by Terry Lewis on 10/06/1992.

That this House is appalled that following the collapse of the Stormseal company in 1991 with the loss of hundreds of jobs, and debts of ú20 million, the owners Michael and Mark Sweeney were able immediately to start up a successor company; notes with anger that this company, Surestyle, has now followed Stormseal into receivership with debts of ú3 million, and more lost jobs; is alarmed that the two principals have now moved on to form yet another company, Readifit; wonders how long this financial "merry-go-round" will be allowed to continue leaving a trail of cheated creditors, redundant workers and worthless guarantees for goods; believes there is sufficient cause for the President of the Board of Trade to initiate an enquiry into the business activities of the Sweeney brothers; and further believes that new legislation is needed to ensure that all debts arising from a business failure are fully discharged before the architects of that failure can re-establish themselves in business.

This motion has been signed by a total of 27 MPs.