Asked by: Nick Smith (Labour - Blaenau Gwent)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, pursuant to the Answer of 18 December 2023 to Question 6145 on Greensill: Redundancy Pay, whether she has made an assessment of the likelihood of success of the claim.
Answered by Kevin Hollinrake - Minister of State (Department for Business and Trade)
The Administrators of Greensill Capital have previously indicated they expect to make distributions to unsecured creditors, including the claim by the Redundancy Payments Service. The Administrators confirmed to the Redundancy Payments Service on 8 January that the quantum and timing of any distribution is uncertain.
Asked by: Nick Smith (Labour - Blaenau Gwent)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, pursuant to the Answer of 18 December 2023 to Question 6145 on Greensill: Redundancy Pay, if she will make an estimate of the amount that will be returned to the Redundancy Payments Service.
Answered by Kevin Hollinrake - Minister of State (Department for Business and Trade)
The Government's Redundancy Payments Service is currently unable to make an estimate of the amount that will be received from the Administrators of Greensill Capital Management Company (UK) Ltd.
The last Administrator's Progress Report covering the period 8 March 2023 to 7 September 2023 confirmed the timing and amount of funds payable to creditors was uncertain. A copy of the Administrator's Progress Report is available to view at Companies House.
Asked by: Nick Smith (Labour - Blaenau Gwent)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, if she will take steps to recover funds paid from the public purse to former employees of Greensill Capital Management Company.
Answered by Kevin Hollinrake - Minister of State (Department for Business and Trade)
The Government's Redundancy Payments Service seeks to recover all monies paid out from the National Insurance Fund to the employees of an insolvent company. The Redundancy Payments Service submitted a claim to the Administrators of Greensill Capital Management Company (UK) Ltd on 27 April 2023 for £2,004,511.
Any funds available for distribution in an insolvent company will be paid out by the Administrators in accordance with the statutory order of priority for creditor payments. Funds received by the Redundancy Payments Service will be repaid to the National Insurance Fund.
Asked by: Nick Smith (Labour - Blaenau Gwent)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, with reference to the Answer of 23 April 2021 to question 183281 on Greensill: Redundancy Pay, what estimate he has made of the amount of (a) statutory redundancy pay, (b) statutory holiday pay, (c) statutory notice pay and (d) the protective award settlement paid by from the public purse to former Greensill Capital employees since the collapse of that company.
Answered by Kevin Hollinrake - Minister of State (Department for Business and Trade)
The Redundancy Payments Service (RPS) is dealing with two cases: Greensill Capital Management Company (UK) Limited and its subsidiary, Greensill Capital (UK) Limited.
In respect of Greensill Capital Management Company (UK) Limited the Redundancy Payments Service (RPS) has paid out the following statutory payments to date:
In respect of the subsidiary company, Greensill Capital (UK) Limited, to date no claims have yet been received and no payments made.
Asked by: Nick Smith (Labour - Blaenau Gwent)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, pursuant to the Answer of 16 March 2023 to Question 156109 on SIMEC Group: Subsidies, whether (a) Aar Tee Group, (b) Pentech, (c) Simec UK Energy Holdings, (d) Atlantis Resources and (e) Simec Atlantis Energy received public funding following the SIMEC Group's acquisition of the Uskmouth B Powerplant in Newport, South Wales in 2015.
Answered by Nusrat Ghani - Minister of State (Minister for Europe)
The companies listed have received no public funding from the Department for Business and Trade since 2015.
Asked by: Nick Smith (Labour - Blaenau Gwent)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, whether any companies owned by or subsidiaries of the SIMEC Group received any Government subsidies following the SIMEC Group's acquisition of the Uskmouth B Powerplant in Newport, South Wales in 2015.
Answered by Nusrat Ghani - Minister of State (Minister for Europe)
The information requested is not held centrally by the Department for Business and Trade. To provide this information would exceed the disproportionate cost threshold of £850 that is set by the Cabinet Office.